Terms of Use

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.

TERMS OF USE

Being the user of IOB.ForeclosureIndia.com (“User”), your use of IOB.ForeclosureIndia.com (hereinafter referred to as “the Website”) and its services and tools, is governed by the following terms and conditions. This User Agreement for the Website shall come into effect from the time and date the User accepts the same (“User Agreement”). The User is contracting with M/s.4Closure, with registered office at Flat No.102, Plot No.20, Motinagar, Hyderabad, – 500018 India (hereinafter referred to as “IOB.ForeclosureIndia.com”). These terms and conditions constitute your binding obligations towards IOB.ForeclosureIndia.com.

IOB.ForeclosureIndia.com  may amend this User Agreement and/or IOB.ForeclosureIndia.com Rules and Policies at any time by posting a revised version on the Website. The amendments will come into effect immediately upon their posting on the Website. If the revised version of this User Agreement includes any change which in the opinion of IOB.ForeclosureIndia.com is a substantial change, IOB.ForeclosureIndia.com will provide the User with 15 days’ (“Notice Period”) prior notice of such substantial change/s and these changes will come into effect immediately on the expiry of the Notice Period. The User is advised to regularly check for any amendments or updates to the terms and conditions contained in this User Agreement.

1. Introduction

IOB.ForeclosureIndia.com is an Online Business to Business negotiation (“Online auction”) tool that allows a secure Business to Business negotiation between a host of the negotiation Event (“Auctioneer”) and Participants (“Bidders”). Both the Auctioneer and the Biddders are jointly and severally referred to as User(s) in this User Agreement. On the Website, an Auctioneer hosts a negotiation event (“Auction”) and invites identified Bidders to participate in the event. Bidder can access the platform and participate in an Online Negotiation Event (“Auction”) by submitting Bids (“Bids”). These Events (“Auctions”) can be called for procurement of any item / service /contract or for the sale (termed as forward auction) of any item / service etc. Procurement auction are termed as “Reverse Auctions” and sales auctions are termed as “Forward Auctions”.

IOB.ForeclosureIndia.com platform is to be used as a negotiation tool. Registered Bidders who qualify to participate will be added to the list of enrolled bidder of respective Auctioneer. IOB.ForeclosureIndia.com does not provide or recommend any bidder online or offline.

The placement of orders / contracts or supply of goods or services and payment collection is solely the responsibility of the Auctioneer.

By registering with IOB.ForeclosureIndia.com, the Auctioneer and Bidders agree to be bound by the following Terms and Conditions.

2. Membership Eligibility

The use of the IOB.ForeclosureIndia.com Website is available only to persons who can form legally binding contracts under the Indian Contract Act, 1872(“Act”). Persons who are “incompetent to contract” within the meaning of the Act including minors, un-discharged insolvents etc. are not eligible to use the Website.

3. Nature of the Service

The Users (both Auctioneer and Bidders) are required to register as a member by completing the online registration form on the Website. The User agrees to ensure that their registration details are correct and they are required to update such details when necessary.

Bidders will not be charged for registration at IOB.ForeclosureIndia.com. However, the bidders may be charged for obtaining value added services. The fee may change from time to time.

The Users are solely responsible for keeping their personal user name and password secure and confidential. The licence to use IOB.ForeclosureIndia.com platform shall be tied to a specific user via their e-mail address, log-in and contact details. It is strictly forbidden for log-in details to be shared within and / or external to an organisation as this could represent a serious breach of security and might lead to significant risks to all parties.

The Users acknowledge and accept that IOB.ForeclosureIndia.com only offers an auction tool. The Auctioneer acknowledges that the running of any Event or any part thereof by the Auctioneer on the Website is outside the control of IOB.ForeclosureIndia.com and the Auctioneer bears sole responsibility for any Event hosted by the Auctioneer. The Auctioneer will indemnify and hold harmless IOB.ForeclosureIndia.com, its employees, representatives and agents for any third party claims arising from the Auctioneer’s running of the Event or any part thereof.

At the Event, the Bidders will submit Bids on the basis of the terms of Event given by the Auctioneer. The Auctioneer is solely responsible for the criteria set out in the request whether the Auctioneer is looking for Bids to supply or for Bids for the purchase of an item or service. By Bidding to supply or buy an item or service, the Bidder agrees that it meets the criteria as set out in the request by the Auctioneer and that such Bids constitute a legally binding offer by the Bidder capable of acceptance by the Auctioneer.

The Bidder will not be able to withdraw a Bid, unless expressly allowed to by the Auctioneer. Any attempt to do so may constitute a breach of contract, and an Auctioneer may take legal action against such Bidder. In such circumstances, IOB.ForeclosureIndia.com shall have the right to terminate the Bidder’s registration and use of the Website and the Auctioneer can reject the Bidder from the event.

The final selection of the Bidder is a matter for the Auctioneer. There is no obligation to place a contract or to supply unless outlined in the Request for Participation. Auctioneer and Bidders are encouraged to give feedback to IOB.ForeclosureIndia.com on completion of each Event.

The communications between Auctioneer and Bidder pre or post Event and post Event contract or supply award are not the responsibility of IOB.ForeclosureIndia.com. It is the responsibility of Auctioneer and Bidder to enter into any post Event contract as they agree between themselves. It is the Auctioneer’s responsibility to agree to terms of business between the Auctioneer and the Bidder.

IOB.ForeclosureIndia.com gives no guarantees about the goods or services offered by an Auctioneer or Bidder nor gives any assurances that a Bidder will Bid at auction or provide the Auctioneer with products or services or payment. Bidders will need to be validated or audited by the Auctioneer on their own to satisfy if they are fit for purpose.

IOB.ForeclosureIndia.com takes no responsibility for any pre or post Event third party data or contracts relating to the Event; this is a matter strictly between the Auctioneer and their selected Bidder.

The Auctioneer indemnifies IOB.ForeclosureIndia.com for any claims against IOB.ForeclosureIndia.com for any breaches by the Auctioneer and/or the Bidder arising from the Event, which are based on the Auctioneer’s information.

IOB.ForeclosureIndia.com reserves the right to change, modify, substitute or remove without notice any information or services on the Website from time to time.

The Auctioneer acknowledges that due to the nature of the Internet, access to the Web Site may be suspended, restricted or terminated at any time for reasons beyond the control of IOB.ForeclosureIndia.com. If possible, notice will be given and all reasonable efforts will be made to avoid this. IOB.ForeclosureIndia.com will also have no liability in respect of any transmissions the User or the Auctioneer send through IOB.ForeclosureIndia.com and the Users do so entirely at their own risk.

The Users acknowledge that during the Event there may be discrepancies between the Bidder’s local time clock and the IOB.ForeclosureIndia.com server Event time clock, which are outside the control of “IOB.ForeclosureIndia.com”. The Bidders should be aware of this and should place their bids in a timely manner.

Auctioneer acknowledges that IOB.ForeclosureIndia.com may use information from the activities of Auctioneer on the Website for marketing purposes. IOB.ForeclosureIndia.com shall only identify Auctioneer by name if the Auctioneer gives their consent and no confidential information will be published.

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The Users further undertake and confirm that their use of the Website shall be strictly governed by the following binding principles:

(i) The Users shall not host, display, upload, modify, publish, transmit, update or share any information which:

(a) belongs to another person and to which the Users do not have any right;

(b) is misleading in any way;

(c) involves the transmission of “junk mail”, “chain letters”, “or unsolicited mass mailing or “spamming”;

(d) promotes illegal activities or conduct that is abusive, threatening, obscene, defamatory or libelous;

(e) infringes upon or violates any third party’s rights;

(f) provides instructional information about illegal activities;

(g) solicits gambling or engages in any gambling activity which is illegal or which IOB.ForeclosureIndia.com, in its sole discretion, believes is or could be construed as being illegal;

(h) infringes any patent, trademark, copyright or other proprietary rights or third party’s trade secrets or rights of publicity or privacy or is fraudulent or involves the sale of counterfeit or stolen items;

(i) impersonates another person.

(ii) The Users shall not attempt to gain unauthorized access to any portion or feature of the Website, or any other systems or networks connected to the Website or to any of the IOB.ForeclosureIndia.com servers, computer networks, or to any of the services offered on or through the Website by hacking, password mining or any other illegitimate means.

(iii) The Users agree not to use any device, software or routine to interfere or attempt to interfere with the proper working of the Website or any transaction being conducted on the Website, or with any other person’s use of the Website.

(iv) The Users shall not use the Website or any content for any purpose that is unlawful or prohibited by this User Agreement, or to solicit the performance of any illegal or other activity which infringes the rights of IOB.ForeclosureIndia.com or others.

(v) IOB.ForeclosureIndia.com reserves the right, but has no obligation, to monitor the materials posted on its Website. IOB.ForeclosureIndia.com shall have the right to remove or edit any content that in its sole discretion violates, or is alleged to violate, any applicable law or either the spirit or letter of this User Agreement. Notwithstanding this right of IOB.ForeclosureIndia.com, the Users remain solely responsible for the content of the materials posted on the Website and in the private messages between them.

(vi) There’s a possibility that other Users (including unauthorized users or “hackers”) may post or transmit offensive or obscene materials on IOB.ForeclosureIndia.com and that the Users may be involuntarily exposed to such offensive and obscene materials. It also is possible for others to obtain personal information about the users from the IOB.ForeclosureIndia.com Website, and that the recipient may use such information to harass or injure the User. IOB.ForeclosureIndia.com does not approve of such unauthorized uses but by using this Website you acknowledge and agree that IOB.ForeclosureIndia.com is not responsible for any injury that might occur in this regard. By using the IOB.ForeclosureIndia.com system, you are hereby agreeing to the Terms of Service outlined on the IOB.ForeclosureIndia.com Website.

4. Support

Support will be given in the form of  e-mail and phone. This support will be in the form of technical advice.

Resources and guides are available to download at no cost for any person who is signed up with IOB.ForeclosureIndia.com. The Resources are a recommended starting point for any User.

Support is subject to a fair use policy whereby the support in a given month must not exceed 3 hours per month per User. This is to ensure that IOB.ForeclosureIndia.com can afford to offer the optimal support to its customers.

Further consultancy advice on the running of Events can be given by IOB.ForeclosureIndia.com at its discretion upon receipt of a request from the Auctioneer through the modes described on the Website, during the course of hosting an Event. IOB.ForeclosureIndia.com reserves the right to ask for payments for consultancy advice provided to the Auctioneer.

5. Fees

The fees payable by the Auctioneer to IOB.ForeclosureIndia.com are as set out in the Payment Plans. The Auctioneer would be required to make payments to IOB.ForeclosureIndia.com whenever the Auctioneer is desirous of publishing an Event. Unless otherwise agreed, there is no fees payable by the Bidders to IOB.ForeclosureIndia.com in connection with the running of an Event.

Refunds: No refund is possible after the Auction is published, even if no bids are received. It is the Auctioneer who is inviting identified Bidders (vendors in case of reverse auctions; buyers in case of forward auctions), hence it is their responsibility to ensure participation of Bidders in their respective Auctions. If the Auctioneer is unable to conduct an Auction due to reasons identifiable as IOB.ForeclosureIndia.com’ responsibility (eg. Server down, technical failure etc.) a full refund credit to the account will be made. Auctioneers may contact info@IOB.ForeclosureIndia.com to get their credit back into their IOB.ForeclosureIndia.com account in such cases. However IOB.ForeclosureIndia.com will not be responsible if bidders are affected by any PC issues or internet connectivity issues at their end.

6. Disclaimer

The Auctioneer agrees that the Event and any associated material which IOB.ForeclosureIndia.com presents on the Website are on the instruction of the Auctioneer and are not representations, actions or statements of IOB.ForeclosureIndia.com and are not binding on IOB.ForeclosureIndia.com or on any third party, but are representations, actions or statements of the Auctioneer.

Bidders and Auctioneers understand and accept that IOB.ForeclosureIndia.com is not an agent of the Auctioneer and acts exclusively as a facilitator of the Event, enabling Bidders and Auctioneer to come together. IOB.ForeclosureIndia.com has no liability in connection with any relationship between the Bidder and Auctioneer formed as a result of the Event.

The Website, all the materials and products (including but not limited to software) and services, included on or otherwise made available to the User through the Website are provided by IOB.ForeclosureIndia.com on “as is” and “as available” basis without any representation or warranties, express or implied except otherwise specified in writing. Without prejudice to the forgoing, IOB.ForeclosureIndia.com does not warrant that:

(a) The Website will be constantly available, or available at all; or

(b) The information on the Website is complete, true and accurate or non-misleading.

IOB.ForeclosureIndia.com does not warrant that the Website; information, content, materials, product (including software) or services included on or otherwise made available to the User through the Website; their servers; or electronic communication sent from IOB.ForeclosureIndia.com is free of viruses or other harmful components.

Nothing on the IOB.ForeclosureIndia.com Website constitutes as advice of any kind.

7. Guarantee

IOB.ForeclosureIndia.com makes no guarantee as to the credit worthiness, existence, identity or authority of any Users or other person who submits to the Web Site or to other Users. Each User acknowledges that the validity of all such information can never be fully verified, and that it is acting at its own risk.

Also, IOB.ForeclosureIndia.com cannot guarantee that a User’s password will not become available to third parties who do not have authority to act on behalf of the Bidder to make Bids or the Auctioneer to create or edit Events. Whilst IOB.ForeclosureIndia.com has made all reasonable efforts to ensure the Web Site is secure, Users shall bear this risk.

The Auctioneer acknowledges that any contracts entered into as a result of the use of its system are outside IOB.ForeclosureIndia.com’ responsibility and will indemnify IOB.ForeclosureIndia.com, its agents agents and employees for any claims arising from contracts entered upon and any direct or indirect losses suffered by IOB.ForeclosureIndia.com in relation to such claims.

8. Auctioneer’s conduct

The Auctioneer undertakes that it will act in a responsible and professional manner. The Auctioneer agrees not to manipulate any event and will not use any Bidder’s or IOB.ForeclosureIndia.com data except as set out in this User Agreement. The Auctioneer agrees to comply at all times with applicable legislation. IOB.ForeclosureIndia.com reserves the right to terminate any agreement with an Auctioneer that is in breach of this Agreement.

9. Bidders conduct

Bidders undertake that they will act in good faith at all times in all dealings with IOB.ForeclosureIndia.com or other Users and in line with the auction concept whether it is forward or reverse. Bidders will only make Bids in the Event to which they intend to be bound. Bidders will not collude with other Users or third parties in order to manipulate an Event nor will they share pricing information with each other. Users will indemnify IOB.ForeclosureIndia.com, its agents and employees against all liability arising out of any breach of these terms.

10. Liability

IOB.ForeclosureIndia.com is not responsible for the actions of Auctioneers or Bidders who use the Website. The Users should make any complaints or claims they may have relating to any of their activities directly to the person/company concerned.

IOB.ForeclosureIndia.com shall not be liable to the Auctioneer and/or the Bidder for any indirect or consequential loss from any breach of IOB.ForeclosureIndia.com’ obligations under these terms.

The Auctioneer acknowledges that IOB.ForeclosureIndia.com shall not be liable to any User for any direct, indirect or consequential loss arising from any loss of connection to the Website or Event.

IOB.ForeclosureIndia.com have no liability for any data downloaded from the Website or as part of the service. IOB.ForeclosureIndia.com do not accept liability for any indirect or consequential loss however caused as a result of any computer virus, bugs, or other similar programmes arising from the Users use of the Website. IOB.ForeclosureIndia.com will do its best to protect the Website but it is the Users responsibility to take precautions against these issues.

11. Termination

IOB.ForeclosureIndia.com reserves the right to:

Terminate this Agreement by sending an e-mail to the User at any time without giving reasons.

Stop any Event or Bid and ban Users from using the Website.

Modify or withdraw the Website at any time without notice.

To reject any registration or access to the Website and to temporarily or indefinitely suspend any registered User.

To withdraw User names and passwords at any time without notice if IOB.ForeclosureIndia.com believes that they have been compromised.

The Auctioneer can not terminate this Agreement whilst fees to IOB.ForeclosureIndia.com remain outstanding.

On termination of this Agreement, the Event and access to the Web Site will cease.

In the event of termination of the service, any unused credits and / or information will be returned to the Auctioneer on request.

12. Confidentiality

IOB.ForeclosureIndia.com, and the Users agree to keep all information submitted to the platform or which otherwise is disclosed by either party under this Agreement (“Confidential Information”) confidential and shall not disclose any such information to any third parties without the consent of the owner of the confidential information save that it can disclose such information to those of its employees, agents or professional advisers who have a need to know and who are bound to keep the information confidential.

IOB.ForeclosureIndia.com, the Auctioneer and the Bidders agree to use the Confidential Information of the other solely in connection with the performance of the Event and not otherwise or for the benefit of any third party.

Each party will, at its own expense, take all reasonable and appropriate steps to enforce any duty of confidence owed to it by any party (including employees, agents, sub-contractors and professional advisors), insofar as such enforcement appears to be necessary for the protection of the confidentiality of the Confidential Information.

The provisions of this clause will not apply to the whole or any part of the Confidential Information which:

Is lawfully obtained free of any duty of confidentiality otherwise than from a party to this Agreement.

Is already in the other party’s possession other than as a result of a breach of this clause;

The Party can demonstrate is in the public domain;

Is independently developed or acquired by that party without access to the Confidential Information;

Is disclosed pursuant to a judicial or other governmental order, provided that the party required to disclose gives the other party reasonable notice prior to such disclosure to allow the disclosing party a reasonable opportunity to seek a protective order or equivalent; or

Is disclosed with prior written consent of the other party.

12. Governing law

These Terms and Conditions will be construed in accordance with and governed by the laws of India and each party agrees to submit to the exclusive jurisdiction of the courts of Hyderabad, India.

13. Privacy

IOB.ForeclosureIndia.com views the protection of its User’s and Auctioneer’s privacy as a very important principle. The Website stores all the information on computers that may be protected by physical as well as reasonable technological security measures and procedures. Our current Privacy Policy is available on the website. If you object to any information relating to you from being transferred, stored or used in this way please do not use the IOB.ForeclosureIndia.com Website.

14. Miscellaneous

IOB.ForeclosureIndia.com reserves the right to change these terms and conditions at any time. The changes will be posted on the Website and will come into immediate effect. If the Website is used after these conditions come into effect, then the User will be indicating their agreement to be bound by these new terms and conditions.

15. Limitation of Liability

IOB.ForeclosureIndia.com shall have no liability in case of any interruption or delay in access to the Website irrespective of the cause.

In no event shall IOB.ForeclosureIndia.com be liable for any special, incidental, indirect or consequential damages of any kind to the User or any third party in connection with this Agreement, even if IOB.ForeclosureIndia.com has been informed in advance of the possibility of such damages.

16. Severability

If any provision of this Deed is held to be illegal, invalid, or unenforceable under applicable law, and if the rights or obligations under this Deed of the Parties will not be materially and adversely affected thereby: (a) such provision will be fully severable; (b) this Deed will be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a part hereof; and (c) the remaining provisions of the Deed will remain in full force and effect and will not be affected by the illegal, invalid, or unenforceable provision or by its severance herefrom.