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Security Deposit T & C

 

  • Security Deposit is refundable Caution Money Deposit (CMD), deposited with Neelami to participate for various auction conducted by Neelami (it will not carry any interest on Security Deposit)
  • In Security Deposit account, amount will be refunded only at the end of the financial year. Security Deposit will be refunded only three times for Premium Member and ten times for Previlge Member in a year, after that the bidder will have to pay Rs. 500/- per transaction. In case of negative balance bidder would not be allowed to participate in future auction. (Bidder can check their  account balance and account statements in My Deposit in My Account section)
  • The money deposited with Neelami is in the form Security Deposit (SD) as Caution Money Deposit (CMD) for auctions/ tender conducted by Neelami in advance, which is non-transferable to any other account.
  • Security Deposit is only transferable to seller A/C against CMD if the bidder is  a defaulter in a particular auction/tender & if the bidder refuses to deposit the forfeited CMD amount to the concerned seller.
  • If, bidder is not highest in the auction/tender, amount will be credited to bidder SD account which can be utilized for future auction/tender.
  • If, the bidder is highest in the auction/tender, the CMD amount will be blocked from the SD account till the final auction results are declared.
  • If, the bidder is successful (after getting final confirmation from seller) in particular lot, the CMD payment, will be paid to seller by the bidder within three working days. If the bidder fails to deposit the CMD amount within 3 working days, his account will be blocked /discontinued on fourth day & for reactivation the bidder will have to pay Rs. 5,900/- (5000+GST @18%) as reactivation charges.
  • If the bidder is successful in particular lot, the full payment, along with all charges & taxes, will be paid directly to seller as per auction terms & condition, excluding the Security Deposit within seven working days.
  • In a case, if the bidder is defaulter & his CMD has to be forfeited, then the bidder will pay the CMD amount directly to the seller. If the bidder fails to deposit the CMD amount, then the CMD amount will be deducted from bidder's Security Deposit account & will be transferred to the seller account. Neelami have the authority for the same.

In such case bidder account will be blocked or discontinued SD facility by Neelami & the balance amount of Security Deposit will be refunded to the bidder after deducting necessary charges if any. For re-activation Rs. 5,900/- (5000+GST @18%) will be charged.

  • Security deposit facility will not be available in all the auctions conducted by Neelami, it will be subject to seller acceptance for such facility and the CMD amount may differ as per Seller discretion.
  • Security deposit facility is optional it is not compulsory; CMD can also be deposited by DD/PO.
  • The bidder will not be allowed to participate in auction, if the bidder has been debarred by Customs/seller.
  • Registration forms on the company letter heads for every auction along with consent for deducting security deposit from our account will be submitted by the bidder.
  • Neelami may alter terms & conditions or discontinue the above service at any time without any prior notice.
  • All disputes are subject to Mumbai jurisdiction.
  • Neelami reserves the right to grant or refuse membership.