Frequently Asked Questions

BidMasters is an online e-auction platform developed by CostMasters Technologies Pvt. Ltd., Mohali. It enables organisations to conduct transparent, competitive e-procurement and e-disposal auctions — helping Sellers achieve better pricing and Bidders access verified buying and selling opportunities efficiently.

BidMasters is open to two types of users:

• Sellers — organisations looking to dispose of scrap, surplus assets, or procure goods/services through competitive bidding.
• Bidders — companies or individuals registered on the platform who wish to participate in auction events.

All users must complete registration and KYC verification before participating.

BidMasters conducts two main types of auction events:

• E-Procurement (E-Procure) — Reverse auctions where Sellers invite Bidders to compete on price for supply of goods or services.
• E-Disposal — Forward auctions where Sellers dispose of scrap, surplus, or used assets to the highest Bidder.

Registration on BidMasters is free. Platform access fees, if applicable for specific auction events, will be clearly disclosed in the event details prior to participation. All applicable taxes (including GST) on such fees are borne by the Bidder.

Click Sign Up / Register on the BidMasters homepage. Fill in your name, organisation, email, and contact number. Once submitted, our team will review your application and activate your account after KYC verification. You will receive a confirmation email upon activation.

Typically required documents include:

• GST Registration Certificate
• PAN Card of the organisation or proprietor
• Certificate of Incorporation / Partnership Deed
• Bank account details for EMD and refund processing
• Authorisation letter (if bidding on behalf of an organisation)

Event-specific KYC requirements will be mentioned in the individual auction details.

KYC verification is typically completed within 1–3 business days of submitting all required documents. You will be notified via your registered email once your account is activated. Incomplete submissions may cause delays.

Yes. You can update your profile details by logging into your account. For changes to critical information such as bank details or organisation name, please contact our support team at cir@costmasters.in for verification before the changes are applied.

Seller and Bidder roles are managed separately on the platform. If your organisation needs both roles, please contact us at cir@costmasters.in and our team will guide you through the appropriate registration process.

If your KYC is rejected, you will be notified via email with the reason for rejection. You may re-submit the correct or missing documents. Common reasons for rejection include blurry scans, expired documents, or mismatched information. Contact cir@costmasters.in for assistance.

• Log in to your BidMasters account.
• Browse available auction events and select one you wish to join.
• Complete any event-specific registration and EMD payment (if required).
• Once approved by the Seller, you can place bids during the live auction window.

No. Bids submitted on BidMasters are final and irrevocable once confirmed. A bid cannot be cancelled or withdrawn after submission, except where expressly permitted by the event-specific rules. Please review all details carefully before placing a bid.

Auto-extension automatically extends the auction closing time by a set number of minutes whenever a new bid is placed close to the scheduled end time. This ensures all Bidders get a fair chance to respond. The auto-extension duration and trigger window for each event are published in the event details.

In rank-only events, you can see your current rank (e.g., L1, L2) but not the actual bid values or identities of competing Bidders. This is a deliberate design choice by the Seller to maintain confidentiality and is not a technical defect.

BidMasters' server time is the sole authoritative reference for auction start, close, and auto-extension calculations. Your local device or browser time may differ slightly and is not determinative. Always refer to the countdown timer displayed on the platform.

An Earnest Money Deposit (EMD) is a refundable security deposit required before participating in certain auctions. It demonstrates the Bidder's financial commitment to honour a successful bid. The EMD amount, payment mode, and deadline are specified in each event's details.

EMDs of unsuccessful Bidders are refunded in full within 7–15 working days from auction closure or the Seller's award decision, whichever is later. Refunds are credited to the same bank account from which the EMD was originally remitted. No cash refunds are made.

The winning Bidder's EMD is adjusted against the total sale consideration or retained as a security deposit as per the Seller's commercial terms. You must comply with all payment and documentation obligations within the Seller's specified timeline — failing which the EMD may be forfeited.

Accepted payment modes (NEFT, RTGS, online transfer, etc.) are specified in the individual event details. Cash payments are not accepted. Always retain your UTR/transaction reference number after making payment and submit it as required during event registration.

An EMD may be forfeited if:

• The winning Bidder fails to remit the balance sale consideration within the prescribed time.
• The winning Bidder withdraws from the purchase after the auction award without valid grounds.
• The Bidder is found to have submitted fraudulent or misrepresented KYC or financial documents.
• The Bidder violates the Terms of Use or event-specific rules in a manner that affects the auction outcome.

Report it immediately to cir@costmasters.in within one (1) hour of the incident. Include your registered email address, event number (FA-XXXX), time of the issue, and a clear description. The Auction Company will investigate and determine an appropriate remedy in consultation with the Seller.

BidMasters works best on the latest versions of Google Chrome or Microsoft Edge. Ensure your browser is up to date, JavaScript is enabled, and no extensions are blocking platform functionality. Avoid using private/incognito mode during live auctions.

Connectivity issues on the Bidder's side are the Bidder's sole responsibility. We strongly recommend using a stable, wired or high-speed connection and having a backup connection ready before participating.

Email cir@costmasters.in with a detailed description of the bug, screenshots if possible, your browser version, and steps to reproduce the issue.

No automatic re-bid is granted. If a verified platform-side outage occurred, the Auction Company may, at its sole discretion, extend or re-run the event.

You will be notified via your registered email. Note that L1 status is subject to the Seller's final award decision — the Seller's formal award letter is the binding communication.

• Remit the balance sale consideration within the timeline specified.
• Submit all required documentation.
• Comply with any additional conditions published in the event details.

The Seller retains the right to cancel or withhold the award at their discretion. In such cases, all EMDs are refunded in full within 7–15 working days.

The payment timeline is set by the Seller. If you require an extension, contact the Seller directly — BidMasters does not have authority to extend Seller-set deadlines.

• Forfeiture of your EMD.
• Cancellation of the award.
• Suspension or permanent ban of your BidMasters account.
• Possible legal action by the Seller.

• Email: cir@costmasters.in
• Phone: +91 7696670077
• Address: Plot No. D-152, Phase 8, Industrial Area, Mohali – 160059, Punjab, India

Our support team is available on business days (Monday to Saturday) during standard office hours.

Email cir@costmasters.in with your name, event number (FA-XXXX), payment reference, and reason for the refund.

Disputes are first attempted to be resolved amicably within 15 days. If unresolved, they are subject to the exclusive jurisdiction of courts at Mohali, Punjab.

Please write to us at cir@costmasters.in or call +91 7696670077 for urgent queries.