Platform Rules & Policies

Please read carefully. Participation in our auctions constitutes acceptance of these terms.

1. Bidding Rules

Bid Increments: All bids must adhere to the minimum increment standards set for that specific auction (typically ₹500 for vehicles and ₹1,000 for properties).

Bid Increments: All bids must adhere to the minimum increment standards set for that specific auction (typically $500 for vehicles and $1,000 for properties).

Sniping Protection: To ensure fairness, if a bid is placed within the last 2 minutes of an auction, the auction timer will automatically extend by 2 minutes. This prevents "sniping" and gives all interested parties a chance to respond.

2. Buyer Default & Non-Payment

Warning: Failure to pay for a won item is a serious violation of our terms.

If you win an auction and fail to complete the payment within the specified timeframe (usually 48 hours for vehicles, 7 days for property deposits):

  • Deposit Forfeiture: You will strictly forfeit your entire security deposit. This amount is non-refundable and will be used to compensate the seller and the platform.
  • Account Ban: Your account will be permanently suspended. You will be blacklisted from creating future accounts or participating in any future auctions.
  • Legal Action: BidVantage and the Seller reserve the right to pursue legal action to recover the difference between your winning bid and the final selling price of the asset, along with legal fees.

3. Seller Obligations & Default

Sellers are contractually obligated to sell the item to the highest bidder once the reserve price is met.

If a Seller refuses to complete the sale:

  • Buyer Refund: The winning bidder will receive a full and immediate refund of any deposits or fees paid.
  • Seller Penalty: The seller will be charged a penalty fee equal to 5% of the final bid amount and will be banned from listing future assets on BidVantage.

Dispute Resolution

In the event of a dispute regarding the condition of an item vs. its description, BidVantage acts as a neutral arbitrator. All assets must match their inspection reports. If a material discrepancy is found by our verification team upon handover, the buyer may be entitled to a refund.