This document is an electronic record in terms of Information Technology Act, 2000 and rules there under as applicable and the amended provisions pertaining to electronic records in various statutes as amended by the Information Technology Act, 2000. This electronic record is generated by a computer system and does not require any physical or digital signatures.

This document is published in accordance with the provisions of Rule 3 (1) of the Information Technology (Intermediaries guidelines) Rules, 2011 that require publishing the rules and regulations, privacy policy and Terms of Use for access or usage of www.prosal.in website.

The domain name www.prosal.in (hereinafter referred to as "Website") is owned by Prosal Auctions Private Limited, a company incorporated under the Companies Act, 1956 with its registered office at 718, JMD Megapolis, Sector 48, Sohna Road, Gurgaon, Haryana, India - 122018

Your use of the Website and services and tools are governed by the following terms and conditions ("Terms of Use") as applicable to the Website including the applicable policies which are incorporated herein by way of reference. If you transact on the Website, You shall be subject to the policies that are applicable to the Website for such transaction. By mere use of the Website, You shall be contracting with Prosal and these terms and conditions including the policies constitute your binding obligations, with Prosal.

For the purpose of these Terms of Use, wherever the context so requires "You" or "User" shall mean any natural or legal person who has agreed to become a buyer on the Website by providing Registration Data while registering on the Website as Registered User using the computer systems. Prosal allows the User to surf the Website or making purchases without registering on the Website. The term "We", "Us", "Our" shall mean Prosal.

 When You use any of the services provided by Us through the Website, including but not limited to, (e.g. Product Reviews, Seller Reviews), You will be subject to the rules, guidelines, policies, terms, and conditions applicable to such service, and they shall be deemed to be incorporated into this Terms of Use and shall be considered as part and parcel of this Terms of Use. We reserve the right, at our sole discretion, to change, modify, add or remove portions of these Terms of Use, at any time without any prior written notice to You. It is Your responsibility to review these Terms of Use periodically for updates / changes. Your continued use of the Website following the posting of changes will mean that You accept and agree to the revisions. As long as You comply with these Terms of Use, We grant You a personal, non-exclusive, non-transferable, limited privilege to enter and use the Website.

ACCESSING, BROWSING OR OTHERWISE USING THE SITE INDICATES YOUR AGREEMENT TO ALL THE TERMS AND CONDITIONS UNDER THESE TERMS OF USE, SO PLEASE READ THE TERMS OF USE CAREFULLY BEFORE PROCEEDING. By impliedly or expressly accepting these Terms of Use, You also accept and agree to be bound by Prosal Policies as amended from time to time.

The auctions and related services are provided by Prosal Auctions Private Limited (hereinafter referred to as “ProSal”) on the website.

ProSal is an e-commerce service provider mandated by the seller/buyer to facilitate virtual auction by the seller/buyer. The website is an online auction platform, a virtual marketplace/venue for sellers to conduct sale of salvage and for bidders to make/place bids/offers on such salvage. ProSal is considered as third party not particularly interested in the item/s being sold/bought on behalf the seller/buyer.

DEFINITIONS

SELLER/BUYER – Seller/Buyer referred to in this agreement is any real individual or legal entity who wishes to sell/buy his/her/its salvage through internet driven online auctions on the website and who has mandated ProSal to provide the website and other related support services.

BIDDER – Any legal entity who is registered with ProSal and who makes or places a bid on the website to buy/sell the salvage/salvage either in part or in full is considered as a Bidder. One individual can be represented as a bidder on his own and on behalf of other legal entities provided he registers with ProSal separately in those capacities.

 Successful Bidder is that Bidder in whose name sale certificate or purchase order is issued by the SELLER/BUYER.

USER – Any legal entity that uses the website and/or the related services provided by ProSal is considered as a user. The user defined, shall be bound by the terms and conditions set forth on this website.

AGREEMENT – The terms and conditions, together with any additional terms and conditions specific to a particular online auction event on the website constitute the Agreement.

MEMBERSHIP ELIGIBILITY

Use of the Website is available only to persons who can form legally binding contracts under Indian Contract Act, 1872. Persons who are "incompetent to contract" within the meaning of the Indian Contract Act, 1872 including minors, un-discharged insolvents etc. are not eligible to use the Website. If you are a minor i.e. under the age of 18 years, you shall not register as a User of the ProSal website and shall not transact on or use the website. As a minor if you wish to use or transact on website, such use or transaction may be made by your legal guardian or parents on the Website. ProSal reserves the right to terminate your membership and / or refuse to provide you with access to the Website if it is brought to ProSal’s notice or if it is discovered that you are under the age of 18 years.

Membership will be FREE till further notice for (Non eTender based) Buyers.

ONLINE BIDDING EVENT – An Online Bidding Event is a process for price determination through competitive interaction between Bidders on the website within a stipulated timeline.

On accessing the website or using the services provided by ProSal or by registering either as a buyer/ seller / user you agree that:

You have read the terms and conditions including the terms and conditions specific to a particular online auction event.

You are bound by these terms and conditions including those specific to a particular online auction event

MODIFICATIONS TO WEBSITE, SERVICES AND TERMS AND CONDITIONS

ProSal reserves the right to modify, amend, suspend or discontinue any aspect of the services or the website at any time without notice.

ProSal reserves the right to amend any or all of the terms and conditions without notice at any time at its sole discretion and announce the same on the website. Accessing the website and/or using the services shall constitute acceptance of the terms and conditions including the amendments.

PASSWORD AND SECURITY

After registration has been done with ProSal.in, user needs to login with unchangeable user identification (User ID) chosen at the time of registration. The user would thereafter be prompted to select/enter a password. User is solely responsible for all use and for maintaining and protecting the confidentiality of its User ID and User password.

TERM OF AGREEMENT

This Agreement shall continue to be in full force and effect for so long as you are using the services and the website. ProSal provides the online auction platform wherein the users can purchase, bid and buy or bid the salvage listed on the website pursuant to the terms and conditions set forth below:

1.0 GENERAL TERMS AND CONDITIONS

1.1 Participation and bidding in the auctions on the website shall be treated as conclusive evidence of the fact that the bidder has inspected the salvage and the related documents pertaining to the auction and is satisfied in all respects regarding the quality, quantity, condition of the salvage, excluding GST and duties (unless until explicitly specified as included), and other extraneous factors and the Principle of Caveat Emptor (let the bidder beware) will apply. It shall also imply that the bidder has carefully gone through the terms and conditions, including amendments, if any, prevailing at the time of auction. No objections or complaints will be entertained once the bid is placed.

1.2 All salvage sold on the website is on “AS IS WHERE IS” and "WHATEVER THERE IS" basis.

1.3 ProSal does not give warranty or guarantee of the quality, quantity, measurement, condition, and chemical composition of the salvage and about its “End Use” or fitness for a particular purpose.

1.4 The highest/Lowest bidder does not get any right to demand acceptance of his bid/offer. SELLER reserves the right to accept/reject/cancel any bid/offer, withdraw any portion of the salvage at any stage from auction even after acceptance of bid/offer, issue of delivery order/purchase order without assigning any reason thereof. In the event of such rejection, cancellation or withdrawal, SELLER/BUYER shall not be responsible for any damages/loss to the successful bidder on account of such rejection, cancellation or withdrawal.

1.5 For all salvage sold on the website, but not limited to, eAuction, eTender, Calssified; Upon depositing the entire amount only, the buyer, if required, may post his security personnel (not more than 2 persons round the clock), to ensure safety of the salvage goods purchased. Buyer will arrange to lift entire material within stipulated days of depositing the entire Bid Amount, failing which the Seller will have the right to forfeit the Earnest Money, and sell the goods to his own credit, without sharing sales proceeds with the buyer.

1.6 Mentioned quantity/quality is indicative & approximate and may vary up to ± 05% to 10% . Kindly confirm total quantity during inspection to avoid any disputes later while lifting the materials. The onus of difference in quantity/quality, if any, other than mentioned, is with Insured/Seller. ProSal will not be held liable for any loss arising out of same.

1.7 Mere placing bids on ProSal does NOT entitle you to claim the material(s). Your quote/bid acceptance is subject to approval and there may be further negotiations/re-listing between H1,H2 and/or H3 bidder, if competent authority feels necessary, but not mandatory. We may hold the EMD of H2/H3 bidder for 10 working days, from last date of eTender/eAuction, as necessary.

1.8 Buyers please double check before submitting bid amount that you do not insert an additional zero “0” or any extra digit to your bid and lose your chance of participation and forfeiting of EMD.

1.9 In the event of buyer backs-out or fails to pay the amount of bid in timely manner or unable to lift the affected material(s) in stipulated time, his bid shall stand cancelled and the EMD, if any, or any advance paid for captioned materials shall be forfeited and his profile will be blacklisted on ProSal prohibiting acsess to login/participate. The bidder shall have no claim over seller or on any goods in any manner.

ProSal may then decide to call upon the second highest bidder and negotiate with him, to raise his offer up to the highest bid received or may decide any other option available.

2.0 COMMUNICATION

2.1 User consents to receive communication from ProSal by electronic mail, short messaging services on their mobile phones, by phone calls or by posting notices on the website, as applicable.

3.0 ONLINE BIDDING

3.1 Time Extension – If any market-leading bid (bid higher/lower than the highest/lowest at the point in time) is received in the last three minutes (Time Extension as mentioned in the bidding room will apply and three minutes is only an example) of closing time, the closing time will be extended automatically by two minutes, only if applicable but not mandatory.

3.2 Bids – All bids placed are legally valid bids and are to be considered as bids from the bidder himself. Once the bid is placed, the bidders cannot modify or withdraw the bid for whatever reason. The highest/lowest and the latest bid on the auction shall supersede all the previous bids of the bidder. Bidders may please note that in the event of a manual bid amount matching that of proxy bid, the manual bid will prevail and be considered.

3.3 Proxy Bid (Only if available):

a.) Proxy Bid facility is provided for bidders intending to place a maximum/minimum value for a lot/lots.

b.) Proxy Bid is not a confirmed bid. It is only the maximum ceiling amount/minimum floor amount set by the bidder to enable the auction engine to place bids on his behalf, whenever he is outbid, up to the ceiling/floor amount set by him.

c.) Once a Proxy Bid is set, the auction engine will consider the ceiling/floor amount for the next possible bid only, depending on the highest/lowest bid prevailing at that point of time and the increment/decrement amount prescribed for that particular lot.

d.) Bidders may please note that in the event of a manual bid amount matching that of an Proxy Bid, the manual bid will prevail and be considered.

4.0 TERMINATION

4.1 ProSal expressly reserves the right to terminate the use of, or to refuse to permit the use of, the Services and the Website by any person or entity, at the sole discretion of ProSal, for any reason and without notice.

5.0 LIABILITY

5.1 ProSal shall not be liable for any failure or delay in performance due to any cause beyond its control including fire, strike, go-slow, lock-out, closure, theft, dislocation of normal working conditions, internet or network non-availability, accident, war, riots, civil commotion, political upheaval, epidemics, break-down of machinery, any terrorist activity, any natural calamity, adverse weather or climatic condition, or any other causes or conditions beyond the control of ProSal, whether directly due to or in consequence of the aforesaid causes and the existence of such causes or consequences shall operate to extend the time of performance till the cause of delay shall have ceased to exist.

6.0 DISCLAIMER

6.1 ProSal runs its business on the basis of a robust Web Site. ProSal is outsourcing server space from a third party hosting company and hence shall ensure the smooth running in all good faith and intention. However, ProSal will not be held responsible for any failure of power, Network, server, hosting server, Internet connectivity, ISP or otherwise at Bidder's end or at ProSal directly or indirectly affecting online method of Bidding.

6.2 ProSal takes no responsibility of the quality, quantity, documentation details of buyers/sellers. Both the buyers & sellers agree to defend indemnity and hold harmless in any loss, damage, cost and expenses caused by any reason during the transactions on the website. In no event shall ProSal be liable for any loss for the transactions by business, revenues, profit, costs direct and incidental, consequential or punitive damages of any claim. Both the parties agree to have discussed all the related matter regarding the transactions and have understood in full that ProSal has provided a source of supply and has nothing to do any further especially with regards to quality, warranty, guarantees, delivery schedules, payments, rejections, transportation, legal laws and regulations to be followed from time to time etc. Since ProSal does not possess knowledge base of the salvage under transaction both the parties agree that the matter contained in the salvage as a part or as a whole does not violate any applicable law. ProSal is only an e-commerce service provider, and is not and cannot be a party to or control in any manner any transactions between the Seller and the Bidder.

6.3 The Seller/Bidder agrees to limit the liability of ProSal to them for any and all claims, losses, costs, damages of any nature whatsoever or claims expenses from any cause or causes, including attorneys' fees and costs, so that the total aggregate liability of ProSal to the Seller/Bidder shall not exceed its total fee receivable from the Seller/Bidder. It is intended that this limitation apply to any and all liability or cause of action however alleged or arising, unless otherwise prohibited by law.

6.4 Bidders/Seller may note that any payments by DD or online system or any other means towards EMD/Security Deposit or other purposes received by ProSal on behalf of Seller/Bidder shall be handled in good faith and intention. However ProSal shall not be responsible for the loss of the DD/online system payment from its custody due to reasons beyond its control such as fire, theft, burglary, loss in transit, accident, war, riots, civil commotion, any terrorist activity, any natural calamity, adverse weather and climatic conditions etc.

7.0 GOVERNING LAW AND JURISDICTION

7.1 This agreement is governed and construed in accordance with the laws of India. Users hereby irrevocably consent to the exclusive jurisdiction and venue of courts in Delhi, India in all disputes arising out of or relating to the use of the services and the website.

7.2 Users agree to indemnify and hold ProSal and its officials and employees harmless from any claim, demand or damage asserted by any third party due to and arising out of use of services and the website.