MODE OF PAYMENT:

9. All demand draft shall be any scheduled bank in favour of HP State Forest Corporation Ltd., and payable either at Shimla or the nearest town/city/village where the Himkashth Sale Depot shall have the bank account. The successful purchaser shall tender one bank draft towards sale price payable at Shimla or the nearest town/city/village where the Himkashth Sale Depot shall have a bank account drawn in favour of HP State Forest Corporation Limited. 

SANCTION OF BID:

10      The date of sanction will be the date announced by the sanctioning authority on the spot or the date mentioned in the telegram to the President of Timber Merchant Association at Yamuna Nagar/ Pathankot as well as the Divisional Manager/ Depot Officer concerned. Provided that such sanction shall always be subject to condition of deposit of the income tax due from the purchasers as per the provision of section 44 AC read with section 206 C of Income Tax Act, 1961 along with the sale proceeds. Provided further that the deposit of Income Tax payable by the Purchaser within the stipulated time as aforesaid, shall be a condition precedent to the sale and failure to do so shall be deemed to constitute retraction of the bid by the bidder and make him to liable the forfeiture of earnest money deposit and give the Corporation the right to re-auction the resiled lots afresh. 

11.           PAYMENT OF THE PURCHASE PRICE TIME OF PAYMENT;

11.1    The purchaser (s) shall pay the price of timber purchased within 55    

          days  of sanction as stated in para 10 above and shall also lift the   

          entire timber sold to him /them within this period of 55 days.

11.2   Director (marketing) may under exceptional circumstances and on   

         application by the purchaser (s) allow and extension in making the    

         payment up to 30 days as he considerers fit on the payment of interest

         @ of 27% P.A. on the belated amount in the manner prescribed for   

          making the payment.  

11.2 (a) Beyond the period specified in 11.2 Executive Director  may give   

          extension in period of payment on payment of interest @ 2.5 % p.M. 

           on belated payment. 

PART PAYMENT AND REMOVAL:

11.3 While applying for extension under clause 11.2 the purchaser will deposit 10% of the total sale value of the timber purchased by him with the concerned Divisional Manager to qualify for extension beyond 55 days. The Divisional Manager may recommend the extension with 27% interest on the belated sale amount in the manner prescribed for making payment. This 10 %   security amount will be adjusted against the value of the total timber purchased by the bidder at the time of making final payment of the timber purchased. However, if he fails to make the payment within the extended period, the amounts so deposited by him will be forfeited to the Corporation and no further extension will be granted. 

11.4 If the entire payment of the sold lot of timber is make within 45 days from the effective date of sanction, the rebate will be allowed following rates:-

REBATE;

1 If payment is made within 15 days             = 5%

2. If payment is made within 30 days                  = 4%

3.If payment is made within 45 days             = 3%

MODE OF PAYMENT:

11.5  Payment of sale price within the period of 55 days shall be made by crossed demand drafts only drawn as stated in para supra. 

GRACE PERIOD:

11.6.1 In case of payment by demand draft as stated in para 11.4a grace period of 3 days will be allowed for receipt of the drafts at Sale Depots, provided the date of issue of the demand draft is within the period specified above. In case the last day on which any payment is to be made to the Corporation is a holiday either in the Himkashth Sate Depot of the Corporation or in the Banks in HP Punjab and Haryana then the date shall automatically stand extended to the next working day. 

ADJUSTMENT OF EMD:

11.7 The earnest money deposit for a particulars lot will be adjusted only when the final payment of the lot is made by the purchaser in the period mentioned above. 

FAILURE TO PAY:

11.8  In case any purchaser  fail to pay the whole or in part the price for the       

         sold lot within the prescribed time of 55 days as stated in sale             

    condition 11.1 above and the timber is not lifted by the party within the    

    stipulated period as well as within  extended period covered under the   

sale condition NO. 12.3 and 12.4. the entire earnest money or purchase price received shall be forfeited and the Corporation shall have the right to resale the timber. 

12      EXTENTION TIME FOR LIFTING:

12.1 The purchased timber shall be lifted only against a release permit issued       

      by the Depot Officer. 

PERIOD FOR LIFTING:

12.2 The purchaser shall lift the purchase timber within 55 days from the date of sanction. However, if after full payment of the lot has been made

     and the entire quantity can not be lifted for  want of Truck load, such timber may be allowed to be kept in the Depot upto the 20 days after the date of next auction without any Depot rent. The quantity which may be detained under this concession will not be exceed 8m3. In case the purchaser fails to lift this timber within the period specified above, depot rent as provided herein after shall by payable from the date of expiry 55 days from the date of sanction in respect of that lot. 

EXTENSION OF 30 DAYS:

12.3 The Divisional Manager or Depot Officer may allow extension upto 30 days beyond the time specified for lifting in clause in 12.2 above on payment of Depot rent @ 22%  P.A on pro rate  value of timber and unlifted. 

FURTHER EXTENSION:

12.4 The Director (Marketing) may under exceptional circumstances and on an application by the purchaser allow a further extension for 30 days or payment of Depot rent @ 22% P.A. on the pro rata value of un-lifted timber. Director (Marketing) may give further extension on charging depot rent @ 3% per month. No extension will be granting in respect of C Class timber beyond the period as mentioned in condition 12.3. 

STACKING:

12.5 All timber as per para 12.2 to 12.4 at the discretion of the Depot Officer/ Divisional Manager will be removed and stacked in a separate portion of the depot at the cost of purchaser. Such cost will be deposited in cash before the issue of the release order by the Depot Officer/ Divisional Manager.

PALTAI:

13      Paltai of timber of the sold lot may be allowed to the purchaser provided this is done in the presence of Divisional Manager/ Depot Officer and no disturbance is caused to the adjoining stacks and the full payment of the stacks in question has been made. 

RESTRICTION OF SALE ETC.:

14      No purchaser shall sell timber purchased by him to another party while such timber is lying in the Corporation depot. No sawing or conversion of timber is to be permitted in the depot premises under any circumstances what so ever. 

CONDITION FOR REMOVAL:

15      No timber shall be allowed to be removed from the sale Depot without the issue of proper release order to be issued by the Depot Officer as per Corporation rules and without timber having been marked with export sale hammer and presentation of the release order, challan and Gate pass as per Corporation Rules& Regulation in force from time to time.                 

ARBITRATION:

16      All or any dispute arising out of the auction sale of interpretation of any      

of the sale condition contained herein shall be referred to the Managing Director, HP State Forest Corporation Limited and his decision shall be final and binding on the purchaser. 

JURISDICTION:

17. Court proceeding if any connected with the sale shall be subject to the    

      jurisdiction of Himachal Pradesh Courts only. 

18. The auction sale in HSDs are subject to such restriction as may be 

      imposed by the Govt. of H.P. from time to time. 

19. These conditions of sale shall also from the terms of the Agreement

      Deed between the seller (HPSFC) on the one side and buyer on other

      side. 

AUCTIONING AUTHORITY

Certified that I/We heard/read and understood the above conditions of sale in respect of timber  put to auction as announced on the day time  and timber and place mentioned above and sign with my/our  own hand(s) in acceptance thereof and will abide by these.