Frequently Asked Question

What is an online auction and how does it work?

An online auction is a service in which auction users or participants sell or bid for products or service(s) via the Internet. Virtual auctions facilitate online activities between buyers and sellers in different locations or geographical areas.

In an online auction, you need to create an account of your company with all related formalities done.

You can familiarise yourself with the lots up for bidding by downloading the catalogue attached on the website each time. Also you can go and inspect the material physically at plant.

During live auction, your account will give you access to bid in the particular lot of your interest along with the progress of live bidding real time.

At the end of auction, the lot will get close on time. You will notice a two minutes increase in time each time if a bid placed in last moment.

What are the different types of auctions?

There are Two Types of Auctions.

1) Forward Auctions: Forward auction are electronic auctions, which can be used by sellers to sell their items to many potential buyers. Sellers and buyers can be individuals, organizations etc.

 

2) Reverse Auctions: A reverse auction is a type of auction in which the roles of buyer and seller are reversed. In an ordinary auction (also known as a forward auction), buyers compete to obtain a good or service by offering increasingly higher prices. In a reverse auction, the sellers compete to obtain business from the buyer and prices will typically decrease as the sellers underbid each other

What is fixed time auction and time extension auction?  

1) Fixed time auction: Here the auction is set for a particular time  for single or  all lots , auction will  automatically stop at the end of closing time & no bids will be accepted.

 

2) Time extension auction: Auction closing time extends for 3 minutes at the end of a sale of a particular lot in which bid is received in the last three minutes of closing time, the bid should be higher than the existing bid for a particular lot in the auction.The time extension may vary for different lots, and will be mentioned in the bidding room.

 

 What is registration charges?

No registration charges for registering with simply procure.

Registration charges is free to everyone under section 48 of customs act 1962.

 

How can I register with simplyprocure.com?

Simply click on Register, on the right side in the menu button on the home page. By clicking on Register a form will open where you have to fill the required fields related to Company Information. At the time of registration you have to provide your E-mail id, which will be your Login Id for sign in.

Also you have to download KYC form available on registration page and send back with the related documents filed in KYC Form query@simplyprocure.com.

 

What all are the documentation requirements?

Along with the signed & stamped KYC form s, company’s PAN, GST & copy of visiting card is required at the time of registration.

 What is KYC form?

KYC is Know Your Customer form which is required at the time of activation of your account.

What is Caution Money Deposit (CMD)?

CMD can also be paid ? individually on lot basis if requested by the seller for a particular auction.

 CMD amount is physically deposited as a bank draft (usually favoring the seller) at  the rarelogics office or with the Seller as  pre-determined for the particular auction .

The CMD is a refundable amount specific to every auction & only establishes the eligibility to the bidder to participate .The CMD is refunded to unsuccessful bidder after close of the auction .

Bidders can pay the CMD via Demand Draft or Pay Order drawn in favor of the sellers mentioned in the catalog to be deposited in the office of M/S simply procure or with seller .

However if on being successful, The bidder fails to meet with the payment schedule & take the delivery even for a single lot the entire auction CMD will be forfeited .

Please take note the CMD amount should reach to the auctioneer /Seller office two days in advance before auction date.

CMD can also be paid through Security Deposit Facility (this facility is available for Premium and Privilege member for more details click here )

HOW TO REGISTER YOUR COMPANY?
 How can I set a new password?

Click on Forgot Password button and enter your registered E-Mail Id. You will get a password recovery mail to set a new password.

 

Can I login from two systems?

No. You cannot login from two systems at the same time. Also, we don’t recommend for the same.

 How can I change my company's details?

You can login to your account and click on Update you contact Info button. You can update any change in your profile other than your Company Name. Also, you have to mail a written request on your company’s letter head regarding the change done in the information at query@simplyprocure.com.

HOW TO LOGIN?
What is a Lot ?

Here  lot referred as a single group of item which may be clubbed with many numbers of different products or small lots. Here Lot  word is considered  for Flat, Machinery, Land, Vehicle, commodity etc.

What is a Reserve Price?

Reserve price is the minimum price set by the seller, below which the bids are taken as subject to approval at the seller's discreation for the sale of a particular lot/product.

What is a Base Price?

Base price is the price decided by the seller, base price plus minimum increment will be accepted as the first bid below which the bids will not be accepted by the system for the sale of a particular lot/ product .

What is Minimum Increment?

Minimum increment is the amount decided by the seller, system calculates the highest bid plus increment for the particular lot, which is added for the next minimum bid, below which the bid will not be accepted.

What is Bid?

The price a buyer is willing to pay for a particular product /lot & places his offer in auction through clicking the bid button.

How to place a bid?

To place a bid, you have to login to your account first with the given Id & Password.

           a) Click on Check box before title and Terms & Conditions and then click on proceed to Live Bidding button.

           b) Click on the title of the E-Auction and select the lots of your interest and proceed to bid Page.

           c) Selected lots will appear on your screen to bid.

           d) You can pace a bid simply by clicking on Submit button.

 

Can I cancel my bid anytime?

No, Once the bid is placed you cannot cancel it.

How I get to know that I m a highest bidder?

When you place a bid a winning icon will appear on your screen and your last bid will appear in green color.

What is auto bid?

When you place your bid on an auction item, you will be prompted to enter Automatic (or Auto) bid, which is the maximum you are prepared to pay for the item.

What is Auto Timer (For Auction & Tender)?

1) Auto Timer for Auction.

a)  Auto Timer is a facility available in auto bid tab, Auto bid  for any particular lot can be set in advance during auction through activating the timer which will only be activated  5 seconds before the auction closing time. 

b)  Auto Timer bid amount can be modified during the auction. 

c)  Bidders may please note that only manual bid will be considered as highest bid in case of tie . example- Direct Bid  by Mr. Rahul is Rs 100/-  & auto bid placed through auto timer by  Mr. A & Mr. B  is Rs 100/- then Mr. Rahul is the Winning Bidder .  

d)  Bidders may please note  Auto bid amount will only be considered as highest bid in case of tie with Auto Timer bid. example- Auto bid  by Mr. Rahul is Rs 100/- & auto bid  through auto timer by  Mr. A & Mr. B  is Rs 100/- then Mr. Rahul is the Winning Bidder.  

e)  If two bidders bid same amount in auto timer, the first request received by the server will be the winning request. 

f)  This facility will be available on the request of the seller.

g) Advantage of Auto Timer:

1) Auto Bid can be set in advance which will be activated 5 or 10 seconds before the auction/tender closing time. No hassle to run & place a Bid/Auto bid at the last Second.
2) You can place your bid through Auto bid timer for all the lots. There is no risk of missing  the auction due to power / internet failure during the auction, the bidder can get free himself instead of blocking himself throughout the auctions. 

     a) Function of Auto Timer  For Auction:  Auto timer bid is modifiable at any time during the auction .

     b) Function of Auto Timer For TenderAuto timer bid is not modifiable in the tender process  during the auction (Tender                once placed cannot be modified)

Please do not use Auto timer if you disagree the above condition .It is not Compulsory & it will not affect your normal bidding process.

The automatic bid feature bids on your behalf up to the maximum amount that you have specified. It will not necessarily increase your bid amount to the maximum amount you have specified, but only high enough to meet the current highest bid amount.

How I can place an auto bid?

On live bidding page there is a button ‘Click here for auto bid’ just above from lot detail band.

Enter the maximum price you want to submit for the particular lot and click on confirm button.

What happens in the situation when same amount auto bid is submitted by two users?

In that case the auto bid submitted first will work.

What is e-tender and how can I quote the price in the e-tender?

An internet based process wherein the complete tendering process; from advertising to receiving and submitting tender-related information are done through online.

This enables firms to be more efficient as paper-based transactions are reduced or eliminated, facilitating for a more speedy exchange of information.

There is a button ‘Click here for Tender’ on the left side just above the Lot No. Click on the button and submit the amount you want to quote for that particular item.

Can I participate only in E-Tender/ or only for single lot?

Yes, you have to deposit CMD amount for the lots as prescribed in the auction catalog.

What is Side Screen?

This screen is provided only for observation of the lots in which bidder are not interested in bidding, It is located on the right side of the bidding screen.  Lot's can be shifted to the bidding screen once bidder press the shift button marked as (Add).

 

What are Post Auction Activity (Result Section)?

Post Auction activities are activity done after the auction is concluded.

Post Auction procedure involves the following activities.

  • Subject to Confirmation: All the highest bids received in the Auction/Tender are Subject To Confirmation from the seller it means the decision will be  
     taken by the seller later on.
  • Final Confirmation: All the highest bids received in the Auction/Tender are confirmed from the seller means the seller has accepted the highest bid.
  • Lot Rejection: All the highest bids received in the Auction/Tender are Rejected by the seller.
  • Payment Details: It includes bid amount, handling, loading and VAT charges, which will be provided after final confirmation by the Seller.
  • In some cases the buyer has to pay PSIC/Chartered Engineering/PQ /Lab Testing charges as per the terms conditions of the auction of a particular Seller.
  • Out of Charge: After payment of duty to custom, Out of Charge order is issued and thereafter the goods can be cleared (Applicable for goods purchased under Customs Notified Area).
  • Final Payment Reminder: This is the final intimation to the buyer to pay the balance amount of the purchased goods, there after the seller will proceed for cancellation and forfeiture of the CMD/Part Payment of the buyer for a particular lot.
  • Forfeit Intimation: After the final intimation is send to the buyer to pay the balance amount of the purchased goods, if the buyer fails to pay the balance amount within the given time his CMD would be forfeited against the particular lot / auction. 
    All the Post Auction Details will be available in the Result Section. Bidders are requested to check the result section or notifications for Post Auction updates.

Procurement

Procurement is the act of finding, acquiring, buying goods, services or works from an external source, often via a tendering or competitive bidding process. The process is used to ensure the buyer receives goods, services or works the best possible price, when aspects such as quality, quantity, time, and location are compared. Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing risk, such as exposure to fraud and collusion.

License Conditions (For Specific Clients / Imported Goods Only)

  •   Metal Scrap: State Pollution Control Board (SPCB) / Central Pollution Control Board(CPCB).
  •   Waste Paper: State Pollution Control Board (SPCB) / Central Pollution Control Board(CPCB).
  •   Cut Tyres: Ministry of Environment and Forest (MOEF/Actual User).
  •   Petroleum Products: Ministry of Environment and Forest (MOEF/Actual User).
  •   Plastic Scrap: Ministry of Environment and Forest (MOEF & Special Import License).
  •   E Waste: Ministry of Environment and Forest (MOEF).
  •   Glass Scrap: Ministry of Environment and Forest (MOEF).
  •   Lead Ore/Scrap: Ministry of Environment and Forest (MOEF).
  •   Zinc Ore/Scrap: Ministry of Environment and Forest (MOEF).
  •   Marble: Directorate General of Foreign Trade (DGFT).
  •   Used Clothes: Directorate General Of Foreign Trade (DGFT).
  •   Gas Cylinders & Explosive: Petroleum and Safety Organization (PESO).
  •   Pesticides: Central Insecticide Board (CIB).

Security

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Encryption makes it difficult for unauthorized people to view the information travelling between two computers. It is therefore unlikely that anyone reading this page as it is traveled across the network.

 

HOW TO BID ONLINE?