Yes, if you are not the highest bidder. In the event that you win an auction and then decide not to go through with the purchase, your security deposit will not be refunded.
Floating EMD is an amount of security which is deposited to us by some purchasers to avoid last time rush to participate in the bidding event. This security amount will remains with us all the time and purchase can demand this money anytime and we will refund it within 3 working days.
Lifting time period is completely situational and may vary with material category.
Other than security amount, you are requested to pay balance amount directly to the purchaser. Security Deposit/EMD will be adjusted in the final payments.
If you are not in the top 3 bidders, you will get the refund within 7 working days. We will hold the surety deposit of 2nd and 3rd top bidders for 15 to 20 days and they may be asked to honour the deal in that time.
Security deposit is the basic amount you deposit to us to activate you for the bidding. If 10% of your bided amount stands at higher side than the deposited security amount then we will ask you to deposit the difference between the 10% of bided amount and security deposit within 2 working days so that we may forward your bid amount to the authorities for the approval. If you failed to deposit the difference amount then also your security deposit will stands forfeited.
Security deposit is the 10% of Bid amount.
The security deposit (Earnest money deposit) is collected in advance via RTGS or in form of Demand Draft at our registered office. Which will be adjusted with your final payments directly with the seller.. It will be stands forfeited if you failed to full fill the auction terms.
No. The bid amount ONLY includes the basic price you are willing to pay for the material (Taxes Extra). Auction fees, TSB’s fees, documentation fees, and transportation costs are NOT INCLUDED in the bid and will be added on top of the bid amount. All this will be informed to you before the e-Auction.
Most materials come with a reserve price and expected price, which is the term for the minimum price a seller will accept. If you were the highest winning bid, your bid gets submitted to the seller for approval. If the reserve price has not been met, there is a chance that they will still sell for a lower amount. At this time we can try to negotiate with the seller for you for which you will just have to reach out to our customer service team.
After the completion of the bidding event, we have share the bid report with the authorities for approval. Authorities include Insurer’s, Surveyor’s, Insured’s and Seller and their collective approval is required whether we reach their expectations or not. Usually it takes 2-3 days and sometime longer than expected. Till that time, you are welcome to reach out to us to try to negotiate the sale. Our representatives will reach out to authorities and try to find out what can be done.
Your bid status will be clearly visible to you all the time during the e-Bidding event in the e-Auction box.
Each auction has a "Time Left" indicator at the top of the auction box. This will inform you how long you have to place your bid and also you can bid multiple times until you are not the highest bidder. Each auction has a "Time Left" indicator at the top of the auction box. This will inform you how long you have to place your bid and also you can bid multiple times until you are not the highest bidder.
Once a bid is placed, it cannot be canceled or reduced in any way. Make sure that you are confident in your bid before you place it. If you end up winning the bid that you placed by accident, you will be responsible for the auctioned material and completing the sale.
e-Auction Participation form is an agreement between Seller/Customer/Insurer’s and TSB, which contains pre-approved/confirmed all the details of the subject material alongwith all the terms and conditions regarding lifting and payments.
The Future Auctions are those which we scheduled for a pre decided period in upcoming days. Only approved bidders can bid. In that time, we request all interested customers to visit the site physically and inspect the material and then participate in the e-Auction by full filling all the terms and submitting security money along with duly stamped signed self-attested e-Auction participation form.
Minimum Increment is that amount which you need to add in the current maximum price to make your price/offer/bid at the higher side.
After completing the registration and depositing your refundable security deposit for the particular case, we activate you for the bidding and you will see that particular product ID in your activated list. Click on that ID and a popup window will appear and there you can see the current maximum amount and you place your bid by increasing min. increment amount.
You will be able to place bid after the registration. But we require the refundable security amount for the particular case to activate your ID.
No. At the time of e-Auction or providing your offer, firm name or GST No. is not required although you may be asked to provide at the time of billing by the seller, this is completely situational and vary with the case to case.
To become a member, you must provide contact information, including a valid email address, Govt. Address proof.
Registration is completely free. Although you have to deposit the security amount (case wise) which is completely refundable or will adjust with your payments or fees.
TSB (TheSalvageBids) is basically working as a link road between sellers and purchasers sell/purchase their surplus/salvage/scrap materials. To make everything transparent and obtain the best price we use our e-portal. Earlier materials were being sold in the nearby localities only. But now, we bring it to the National level and which opens maximum opportunities for both Seller/Purchaser. To get started, simply register or log in to place your first bid. Also you will also need to place a security deposit of 10% of your bid amount.