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8
EARNEST MONEY.
Amount of earnest money.
8.1
The earnest money deposit payable by the bidder (s) shall
be 10% of the total amount of the lot/forest produce. The
auctioning authority may, however, raise the earnest money
during the auction at his discretion.
Time of Payment
8.2
At the fall of hammer, the highest bidder (s) shall
deposit the earnest money in cash or by Bank Draft provided that
any difference due to any clerical error in calculation shall be
paid/deposited within 7 days of effective date of sanction or
the issue if any release order to purchaser (s) whichever is
earlier.
Forfeiture
8.3
In case the highest bidder (s) fail to pay EMD in full at
the fall of hammer or within such extended time as has been
allowed as mentioned in condition 8.2, the bidder shall be
deemed to have resiled from the bid and the earnest money
deposited, if any, together with the eligibility deposit shall
stand forfeited and the Corporation shall have the right to
resell/re-auction the said lot without any notice.
8.4
Any bidder who gets his eligibility deposit adjustment
against the earnest money due from him/them shall not bid for
any other lot (s) unless he/they have made a fresh eligibility
deposit.
Mode of payment
9
All Demand draft shall be on any scheduled bank in favour
of concerned Forest Working Division and payable at the
city/Town/Village where the concerned Forest Working Division
has its bank account.
Sanction of bid
10
The date of sanction will be the date announced by the
sanctioning authority on the spot or if conveyed
telegraphically, the date mentioned in the telegram to the
President of Timber Merchant Association at Yamunanagar/Pathankot
as well as the Divisional Manager/Depot Officer concerned
provided that such sanction shall always be subject to the
condition of deposit of the Income Tax due from the purchaser,
as per the provision of section 44 AC read with section 206C of
the Income Tax Act, 1961, within a period of 5 days from the
date of sanction. Provided further that deposit of Income Tax
payable by the purchaser within the stipulated time, as
aforesaid, shall be a condition precedent the sale and failure
to do so shall be deemed to constitute retraction of the bid by
the bidder and make him liable to forfeiture of the earnest
money deposit and give the Corporation the right to auction the
resiled lots afresh.
Risk after sale
11
The sold forest produce shall be uninsured in the depot
of the Corporation at the risk and cost of the purchasers from
the effective date of sanction.
Time of payment
12
Payment of Purchase Price
12.1
The purchaser shall pay the sale price as under: -
i.
Khair Billets: Within 90 days from the effective date of
sanction.
ii.
Chil Charcoal: -
a.
Within 90 days from the effective date of sanction for
auctions conducted in June, July and August.
b.
Within 45 days from the effective date of sanction for
auctions conducted in other months of the year i.e. expect June,
July and August
iii.
For other Forest Produce: -
a.
Within 30 days from the effective date of sanction.
b.
In case of Bamboo, if the entire payment of sold lot is
made within 12 days from the effective date of sanction, 5%
rebate will be allowed.
12.1
[a] Executive Director H.P. State Forest Corporation Ltd;
Shimla may under exceptional circumstance and on application by
the purchaser may allow an extension in making payment subject
to the interest @2.5% p.m. on the belated amount.
Grace period.
12.2
In case the last day by which any payment is to made to
the Corporation is Holiday then the date shall automatically
stand extended to the next day.
Mode of payment.
12.3
Payment of sale price within the period specified in
condition 12.1, shall be made by Crossed Demand Draft only as
stated in condition No. 9 above.
Grace Period.
12.4
In case of payment by Demand Draft drawn only as stated
in condition No. 12.3, a grace period of 3 days will be allowed
for receipt of the draft at the concerned Forest Working
Division provided the date of issue of the Demand Draft is
within the period specified above.
Release of earnest money.
12.5
The earnest money deposited for a particular lot/forest
produce will be treated as security till the value of forest
produce purchased is paid in full. The security amount will be
adjusted in the installment of payment in full and final
settlement of dues.
12.6
In case any purchaser (s) fail to pay, in whole or in
part, the price for the sold forest produce within the
prescribed time as stated in condition No. 12.1 above, the
entire earnest money and purchase price received shall be
forfeited and the Corporation shall have the right to resell the
forest produce.
Release Order:
13
Lifting period and extension of time for lifting:
13.1
The purchaser forest produce shall be lifted only against
release permit issued by the Divisional Manager of the concerned
Forest Working Division.
13.2
The purchaser shall lift the forest produce sold as
under: -
Period of lifting:
i.
Khair Billets: Within 120 days from the
effective date of sanction.
ii.
Chil charcoal:
a.
Within 120 days from the effective date of sanction for
auction conducted in June, July and August.
b.
Within 90 days from the effective date of sanction for
auction conducted in other months of the year i.e. expect June,
July and August.
iii Other Forest produce: within 60 days from
the effective date of sanction. |
