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Auction :- Public Sale in which articles are sold to maker of highest
bid |
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Auctioneers :- One whose business is to conduct auctions. |
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Announcer / Cryer:- Who conducts the auction sale |
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Bid Sheets:- Statement showing
lot no, Description of material,
Approx. Qty, Name of the Successful Purchaser & address, Rate
Per Unit, highest Bid, Deposit, Balance amount, Rate of Excise Duty,
Sales Tax, Delivery Schedule, signature & Name of the Purchaser
& signature of the auction committee. |
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Bidders / Purchasers/Buyers:-
Who
purchase material under sale in auction. |
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Bidding:- The offers received during
auction. |
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Committee Members:- Officials
of the company who form a committee & give the decision
on behalf of the Company during auction. |
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Reserve Price / Upset Value:-
Value
of items under sale as decided by auction committee. |
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As is where is: - As it is. |
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MOEF: – Ministry of environment
& Forest, Govt. Of India (Valid License) which issues license
for recycling of certain scrap material. |
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Sale release order: – Confirmation
of sale by Company. |
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Ground Rent: – Rent recoverable
from Purchaser, who fails to lift the purchased material within
stipulated time |
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Fall of Hammer: – Striking of
criers hammer to show that a bid is finally accepted |
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Catalogue: – Booklet giving details
of auction being held |
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Lot: – Group/ Stack of material
under sale |
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No bid: – No offer received during
auction |
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Withdraw/deleted: – Remove from
the list of items declared for sale |
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EMD: – Earnest Money Deposit |
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Forfeit: – Penalty for breach
of contract |
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Subject to Approval: – Decision
given after consulting the final authority |
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Subject to Confirmation: – Confirmation
after consulting the final authority |
