Refund & Cancellation

This Refund & Cancellation Policy ("Policy") governs refunds of Earnest Money Deposits (EMD), platform access fees (if any), and the treatment of bids in the event of auction cancellation on the BidMasters Platform. This Policy is to be read alongside the Terms of Use and any event-specific rules.

1.1 Nature of EMD

Certain auction events may require Bidders to deposit an Earnest Money Deposit (EMD) prior to participating. The EMD serves as a security deposit and evidence of a Bidder's commitment to honour a successful bid.

The EMD amount, payment mode, and deadline will be specified in the individual auction event details published on the Platform.

1.2 Refund to Unsuccessful Bidders

EMDs of Bidders who do not win the auction (i.e., are not the L1 or awarded Bidder) will be refunded in full within seven (7) to fifteen (15) working days from the date of auction closure or Seller's award decision, whichever is later.

• Refunds will be credited to the same bank account from which the EMD was remitted. No cash refunds will be made.
• The Auction Company is not liable for delays caused by banking intermediaries, public holidays, or incorrect bank details provided by the Bidder.

1.3 EMD of Winning Bidder

The EMD of the successful (L1 / awarded) Bidder will be adjusted against the total sale consideration or will be retained by the Seller as a security deposit, in accordance with the Seller's commercial terms for that auction.

The successful Bidder must comply with all payment and documentation obligations within the timeline specified by the Seller. Failure to do so may result in forfeiture of the EMD.

1.4 EMD Forfeiture

The EMD may be forfeited in the following circumstances:

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

(a) Platform access fees, if charged to Bidders, are non-refundable once an account is activated and Platform access has been granted, except where:

• The fee was charged in error (e.g., duplicate payment or wrong amount), or
• The Auction Company is unable to provide Platform access due to reasons solely attributable to the Auction Company.

(b) Refund requests for platform fees must be raised in writing to cir@costmasters.in within seven (7) days of the payment date, with supporting documentation. Approved refunds will be processed within fifteen (15) working days.

(c) GST and other taxes collected on platform fees will not be refunded after issuance of a tax invoice, unless otherwise required by law.

3.1 Cancellation by Auction Company or Seller

The Auction Company may cancel or reschedule an auction event at any time for technical, legal, regulatory, or commercial reasons, in consultation with the Seller. In such cases:

• All EMDs collected for the cancelled event will be refunded in full to all Bidders within seven (7) to fifteen (15) working days of the cancellation date.
• Platform access fees (if any) for the specific cancelled event may be credited or adjusted toward a rescheduled event at the Auction Company's discretion.
• The Auction Company shall not be liable for any consequential, indirect, or incidental losses arising from cancellation or rescheduling.

3.2 Cancellation / Withdrawal by Bidder

Bids submitted on BidMasters are irrevocable. A Bidder may not cancel or withdraw a bid once submitted, except where expressly permitted by event-specific rules. Requests for bid cancellation after submission will not be entertained.

Registration for an event may be withdrawn by the Bidder before the auction start time by contacting the Auction Company in writing. EMD refunds in such cases are subject to the event rules and the Seller's approval.

If a Bidder is unable to place a bid due to a verified technical issue on the Platform (not attributable to the Bidder's device, connectivity, or network), the Bidder must report the issue to the Auction Company at cir@costmasters.in within one (1) hour of the incident during the auction window.

The Auction Company will investigate and, at its sole discretion (and in consultation with the Seller), may extend the auction, issue a credit, or offer an alternate remedy. No automatic refunds are granted on account of technical issues alone.

All refund requests must be submitted in writing to cir@costmasters.in with the following details:

• Registered name and email address.
• Auction event number (FA-XXXX).
• Payment reference number and amount.
• Bank account details for credit (if different from originating account).
• Reason for refund request with supporting documents.

Standard refund timelines:

• Unsuccessful Bidder EMD: 7–15 working days from auction closure.
• Cancelled event EMD: 7–15 working days from cancellation notification.
• Platform fee refund (approved cases): 15 working days from approval.

The Auction Company reserves the right to seek additional verification before processing any refund.

Disputes arising from this Policy will be handled in accordance with the Dispute Resolution clause of the Terms of Use. Parties shall first attempt amicable resolution within fifteen (15) days of written notice, following which disputes shall be subject to the exclusive jurisdiction of courts at Mohali, Punjab, India.

For any refund or cancellation queries, contact us at:

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