Refund & Settlement Policy

At Bid Auctioneers (accessible at www.bidauctioneers.com), we maintain an equitable, transparent financial settlement ecosystem for buying corporations, asset sellers, and participating bidders across India. This Refund Policy delineates the exact refund procedures applicable to software fees and pre-bid earnest money deposits.

1. Scope & Categorization of Financial Transactions

Financial transactions conducted within the Bid Auctioneers ecosystem fall into two distinct legal classifications:

• Category A — Platform Software & Professional Service Fees: License fees, SaaS annual/monthly subscriptions, custom ERP connector integrations, or managed event hosting fees paid directly to Bid Auctioneers.
• Category B — Earnest Money Deposits (EMD) & Commercial Lot Payments: Pre-bid security deposits, caution money, or commercial sale payments submitted by bidders to demonstrate financial bonafides and participate in specific Forward/Reverse auction lots.

2. SaaS Software Subscription & Setup Fees

For enterprise clients licensing the Bid Auctioneers cloud platform or dedicated white-label installations:

• Subscription Activations: Once enterprise cloud instances are provisioned, credentials issued, and server environments allocated, standard SaaS software subscription fees are non-refundable.
• 30-Day Pre-Deployment Cancellation: In cases of annual enterprise licenses where formal system onboarding, training, and custom configuration have not yet commenced, a client may request cancellation within 7 calendar days of invoice issuance for a partial refund subject to a 15% administrative setup deduction.
• One-Time Setup & API Customization Charges: Dedicated engineering fees for customized ERP connectors (e.g. SAP RFCs, Oracle REST endpoints) or white-label domain deployment are strictly non-refundable once engineering sprints have commenced.

3. Event-Based Hosting & Consulting Fees

For organizations engaging Bid Auctioneers on a per-event managed service model:

• If an auction event is canceled by the Host enterprise at least 48 hours prior to the scheduled start time, the event management fee may be rescheduled for a future date without penalty.
• If an event is canceled less than 24 hours prior to the event or after live bidder invitations have been dispatched and bidder mock runs concluded, a 50% mobilization fee applies.

4. Earnest Money Deposit (EMD) Refund Framework

Pre-bid Earnest Money Deposits (EMD) ensure bidder authenticity and deter frivolous or speculative bids. In accordance with platform governance:

5. Step-by-Step EMD Refund Procedure & SLA (3 to 7 Days)

To initiate a seamless return of your pre-bid EMD balance following the official declaration of auction results:

1. Log In to Your Bidder Console: Navigate to your verified account dashboard on the auction portal.
2. Initiate EMD Refund Request: Access the "EMD Ledger" section and click on "Raise Refund Request".
3. Provide Banking Validation: Upload your corporate RTGS/NEFT mandate along with a clear copy of a Cancelled Cheque matching your registered company name and GSTIN.
4. Administrative Verification: The event administrator and finance controller validate that no outstanding awards or contractual obligations remain pending against your account.
5. Bank Transfer Execution: Upon validation, the refund is disbursed directly to your verified bank account via NEFT/RTGS.

6. Conditions for EMD Forfeiture

The Earnest Money Deposit (EMD) will be strictly forfeited and rendered non-refundable under the following circumstances:

• Default by Winning Bidder: If the winning H1 bidder (Forward Auction) or winning L1 bidder (Reverse Auction) fails to deposit the balance lot payment, refuses the commercial purchase order, or fails to execute the formal contract within the designated statutory period.
• Retraction of Active Bids: If a bidder attempts to retract or dishonor a submitted bid during the active auction or within the tender validity window.
• Collusion & Fraud: If a participant is found to have engaged in collusive bidding, cartel formation, or submitted fabricated KYC/GST credentials.

7. Disputed Payments, Banking & Gateway Deductions

All online payments processed through integrated payment gateways (credit cards, debit cards, net banking, UPI) are subject to payment aggregator processing rules. If an online transaction fails but funds are debited from the user's bank account, standard banking clearing networks (NPCI / RBI) typically reconcile and credit the funds back to the source account within 48 to 72 bank working hours.

Any bank transaction charges, gateway convenience surcharges, or foreign remittance conversion fees levied by the user's issuing bank are non-refundable.

8. Contact for Billing & Settlement Assistance

For any inquiries regarding invoice generation, EMD refund reconciliation, or payment status confirmation, our finance desk is readily available to assist you: