Agreement For E-Auction

Terms & Conditions:-

 

1.  Bidder can participate in this Tender after depositing one time refundable security amount of Rs 5,00,000/- in the form of Earnest Money Deposit (E.M.D). If Successful bidder fails to honor the accepted Tender the E.M.D shall be forfeited by the Company without assigning any reason.

 

2. The Company i.e. Vardhman Special Steels Limited (hereinafter known as “VSSL”) reserves the right to cancel the tender at any time without assigning any reasons.

 

3. In the event of failure on the part of the successful bidder to fulfill as per the terms mention in tender item page, Buyer reserves the right to debar such bidder from participating in any future Tender conducted by VSSL.

 

4. Each Vendor can register only their single firm on this VSSL Tender Portal.

 

5. If it is found that there is a cartel between bidders than VSSL will not allow them to participate in the bidding in future and as well as in the present bidding.

 

6. Risk Purchase-If any successful bidder fails to supply the material with in stipulated delivery period. VSSL will purchase the material from the market & debit the difference amount (i.e. Difference between the price at which the scrap is bought from the Market due to non- supply by the Successful Bidder and the Price finalised at the Tender Bid). The above clause will be applicable only if the price at which the Scrap is bought from the Market is higher.

 

7. GST Fake Invoice- If it is found that the material is purchased on fake GST invoice. We shall take serious action & all recovery of costs, expenses and damages which will be demanded and raised by GST department upon VSSL will be recovered from that defaulting Bidder apart from taking other legal action against the defaulting Bidder.

 

8. Rejection- Supplier has to ensure quality of scrap, if the material is rejected supplier has to provide quality material within a week time from the rejection date else will be liable for the costs, expenses and other damages if any which might have occurred due to the delayed supply to VSSL.

 

9. If L1 is supplying less quantity against our requirement, VSSL will be free to discuss for the remainder of the quantity from L2 & L3 Vendors to reduce Rs. 100/ Mt w.r.t L1 Price.

 

Undertaking by Tenderer For E-Tender

• I/We understand and agree that my/our security deposit is liable to be forfeited on infringement/breach of any Terms and conditions as prescribed from time to time by VSSL. I/We agree that VSSL will be well within its right to take any punitive measure against me/us including permanently debarring/blacklisting from participating in any of Bids for Tender with our organization.

• I / We confirm that the information furnished by me / us to VSSL are all true and correct to the best of my/our knowledge and belief and no part of it has been concealed or misstated therein. I / we further undertake to indemnify / compensate VSSL, if found that the information furnished by me / us to VSSL is untrue or false, I/we will be liable to accept penal action / decision that may be taken / imposed by VSSL at its sole discretion.

• I/We am / are aware that I / we can change my/our password using the "One Time Password- OTP" Also I / We am / are aware that OTP is communicated only to my/our registered mobile number/e-mail id registered with VSSL. I/We understand that in case of any change in registered mobile number / e-mail id, the same needs to be essentially updated in the records of VSSL by following due process.

• Vendor finds any error in the system while placing bid, He can intimate through mail about the error than next vendor has to participate in next tender.

 

Jurisdiction

All the disputes related or emanating out of the transaction among the parties shall be subject to the Ludhiana Courts only.

 

Governing Law

This Agreement shall be governed and interpreted by and construed in accordance with the substantive laws of India.

 

Arbitration

Any or all dispute/s arising out of or in connection with or in relation to this Order/ Agreement, shall so far as possible, be amicably settled between the Parties raising the dispute. If after … (   ) days of consultation, Vardhman and ... have failed to reach an amicable settlement, on any or all disputes or differences arising out of or in connection with this Agreement or its performance, such disputes or differences shall be submitted to final and binding arbitration at the request of either of Vardhman or … upon written notice to that effect to the other.

Such arbitration shall be conducted in accordance with the Arbitration and Conciliation Act, 1996. Place of arbitration proceedings shall be Ludhiana. All proceedings of such arbitration shall be in English language.

Arbitration shall be conducted before a panel of three arbitrators. The Parties shall appoint one arbitrator each and these two arbitrators will appoint the third arbitrator. If ... (other party) fails to appoint its arbitrator within a period of … (… days) after receiving notice of arbitration from Vardhman then the arbitrator appointed by Vardhman shall act as a Sole Arbitrator and the award passed by the Sole Arbitrator shall be binding on both the parties. If the two arbitrators appointed cannot agree upon the third arbitrator within a period of … (… days) after appointment of the second arbitrator, then such third arbitrator shall be appointed in accordance with Arbitration and Conciliation Act, 1996 rules or as otherwise agreed by Vardhman and ….

 

Parties shall equally bear the fees and costs of arbitration as determined by the arbitral tribunal. Parties shall bear their own respective costs.

The Arbitration award shall be final and binding on both Parties. The Arbitrator(s) shall be entitled to order specific performance of Order or any part thereof. In the course of Arbitration, both the parties shall continue to execute Order/ Agreement except those matters under Arbitration.

 

Force majeure

If any party to this Agreement is unable to perform this Agreement due to any occurrence of force majeure after the signing of this Agreement, the party affected by force majeure shall notify the other party within ten working days from the date on which the force majeure occurs, and such notice shall specify the occurrence of the force majeure and declare the event as force majeure. At the same time, the party affected by the force majeure shall try its best to take measures to reduce the losses caused by the force majeure and protect the legitimate rights and interests of the other party. Force majeure refers to unforeseeable, unavoidable and insurmountable objective circumstances when the Agreement is entered into and Force Majeure Events includes and means any strike, lockout, labour dispute, embargo, flood, earthquake, storm, dust storm, lightning, weather, pandemic, epidemic including but not restricted to Covid- 19 or any of its variants, fire, acts of God, war, national emergency, civil disturbance or disobedience, riot, sabotage, terrorism, restraint by governmental order, government or Property restrictions, decisions and regulations, insurrections or any other occurrence beyond the reasonable control of the party in question that may affect performance of services under this Agreement.

Severability

If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and not be affected by such determination, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not contain the particular part, term or provisions held to be illegal or invalid.