General Terms and Conditions for every buyer

1. All assets including Gold (Assets) are listed for sale on “'AS-IS-WHERE-IS and AS-IS-WHAT-IS” basis. Buyers / Bidders are required to inspect the assets thoroughly and do necessary due diligence with a specific branch of the client.

2. In rare cases when bids are placed by mistake, Buyers / Bidders are required to inform the same to MatexNet before the close time of the listings. Once the auction is over, winning Buyers / Bidders are liable to make payments to the seller for the assets agreed to be purchased / won by them.

3. For all pre-approved listings, upon winning the Asset, winning Buyers / Bidders are required to reach out to the respective NBFC’s / Banks and its branches to make payment for the assets agreed to be purchased / won by them. Winning Buyers / Bidders should wait for an intimation. The same will be sent to their registered email ids. Bidders can download the intimations from the website as well.

4. In case winning Buyers / Bidders are facing issues in making payments to local NBFC’s / Banks branches; they are required to inform NBFC’s / Banks, MatexNet immediately through email and by phone.

5. The following cases will not be accepted as reason for non-payment and will be treated as payment defaults and breach of terms and conditions:

a. Accidental/ damaged asset.

b. Bids placed by mistake etc.

6. All winning Buyers / Bidders are requested to proactively provide receipt numbers for the payments made to the NBFC’s / Banks. This will avoid blocking of IDs by Client / MatexNet.

7. Details provided related to the assets like Photos, Purity, Net Weight / Gross Weight etc. regarding gold ornaments, gold bars etc., are only for the reference. MatexNet will not be responsible for any information mismatch. We request all the buyers to contact the sellers regarding this. Purity mentioned in the websites are assessed by outside agencies appointed by the NBFC’s / Banks and MatexNet does not have any role in assessing the Purity of the Gold

8. Bidder should clarify all the queries related to asset/documentation with the branch representative of the NBFC’s / Banks.

9. Bidders / Buyers are allowed to participate in the auction purely based on the confirmation shared by the NBFC’s / Banks to MatexNet prior to the auction. This confirmation will be based on the EMD / CMD / Security Deposit done with the SELLER.

10. Demurrage charges / Late fee will be specific to the client’s terms and conditions.

11. The assets are used, pre-owned assets belonging to the delinquent borrower of Seller or the seller himself.

12. All the statutory taxes, logistics charges, insurance and other charges to be borne by Successful bidder

13. Participation and bidding in this Auction shall be treated as conclusive evidence of the fact that the bidder is satisfied in all respects regarding quantity, quality, condition of the Auction property, taxes and duties, and other extraneous factors and the Principle of Caveat Emptor (let the successful bidder(s) beware) will apply. It shall also imply that the bidder has carefully gone through and understood the terms and conditions of Auction including the amendments if any, prevailing at the time of Auction. Seller and MatexNet will not entertain warranty or guarantee of the quality, quantity, measurement, condition and about any complaints or objections once Bid is placed.

14. The Successful bidder does not get any right to demand acceptance of his offer. Seller reserves the right to accept/ reject/ cancel any bid, withdraw any portion of the Auction Property at any stage from Auction even after acceptance of bid/ issue of delivery order or release order/ deposit of full value by successful bidder without assigning any reason thereof. In the event of such rejection/ cancellation/ withdrawal. Seller shall not be responsible for any damages/loss whatsoever to the successful bidder on account of such withdrawal.

15. MatexNet makes no commitments, express or implied that this process will result in a business transaction with anyone.

Terms & Conditions for participation

1. Payment to be made to NBFC's / Banks within the stipulated period as mentioned by the seller. Any delay beyond the pay by date reserves the rights to accept or reject the payment.

2. I/We confirm that has inspected the asset and are fully aware that it is sold on 'AS-IS-WHERE-IS and AS-IS-WHAT-IS' basis sale and that he/she cannot make claim refund or return the asset once the payment is made.

3. Seller and MatexNet does not give warranty or guarantee of the quality, quantity, measurement, condition and about its “End Use” or fitness for a particular purpose.

4. NBFC's / Banks will issue Release Order only after clearance of payment / updation in customer statement of account.

5. Buyer is required to take delivery immediately.

6. On any delay by the buyer in taking delivery of the asset after the date mentioned in the Release Order, the buyer is liable to bear the charges as applicable as per rules and policy of the seller.

7. I/We have to submit to NBFC's / Banks, the following documents at the time of making payment.

a. Original Address Proof and PAN card for scrutiny by NBFC's / Banks.

b. Self attested photocopies of both.

c. Valid winning letter copy clearly showing name and ID of the Buyer.

8. I/We have to also furnish ID copies at time of taking release order at NBFC's / Banks and while taking delivery of asset.

9. I/We am/are allowed to depute any third party to make payment or take Release Order or take delivery of asset. However, the same shall be allowed only to a pre-authorized person of the buyer. The authorized person can come with an authority letter from the buyer and should carry copies of all relevant documents required.

10. I/ we confirm that I/we are not employees of NBFC's / Banks.

11. I/we confirm that I/we do not have any criminal case/s filed on me/us in any court or Police station under any jurisdiction in India.

12. In case, it is discovered by NBFC's / Banks at any point of time that there is /are criminal case/s against me/us and any statement made herein above are incorrect, the bank or its agent or its assignees reserves their right to initiate appropriate legal action against me/us.

13. NBFC's / Banks reserve the right to stop delivery of the asset at any given point even after the bidder / winning buyer has deposited the winning price, bidder / winning buyer will be refunded the winning price in such cases without interest or penalty whatsoever.

14. NBFC's / Banks also hold the right to recall sold assets from the winning Buyer / bidder if any legality is identified later on. Winning Buyer / Bidder and auction portal will provide all the required help in such case(s). Money deposited will be refunded to the winning Buyer / Bidder without any interest or penalty.

15. Applicable Taxes and Duties (if any), shall be paid by the Buyer / Bidder directly. GST will be applicable and shall be paid by the Buyer/Bidder.

16. If the winning Buyer / Bidder does not take delivery of the asset, within the stipulated time period, the asset will cease to exist. In addition, the money which the winning Buyer / Bidder has deposited against the said asset will be forfeited and the Bank / NBFC’s will not be liable to refund the same back to him/her.

17. I/We, am/are aware that my bidding amount is Base Sale Value + GST extra + Cess extra + any other Applicable Taxes extra.

18. In case of the bidding value of the asset being more than 10 Lakhs, I/We, am/are liable to pay TCS or any other taxes over above the bidding amount.

19. Tax is applicable as per current Government guidelines.

20. No dispute related to tax applicability and payment thereof shall be entertained by Bank and I/We undertake to pay any taxes as applicable that Government may impose over and above the Base sale value.

21. NBFC's / Banks will not share its customer(s) KYC documents.

22. TCS return certificate shall be made available on Quarterly basis.

23. Any dispute or difference whatsoever arising between the parties out of or relating to the construction, meaning, scope, operation or effect of this contract or the validity or the breach thereof shall be settled by arbitration under the Arbitration and Conciliation Act 1996 as amended as on date. The Arbitration shall be conducted by a Sole Arbitrator appointed by MatexNet. The language of arbitration shall be English. The seat of arbitration shall be in Chennai, India. The Arbitration Award shall be binding on all parties.

24. The Jurisdiction of any disputes shall be the Courts at Chennai.