Specific Terms, Conditions and Provisions:
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LokhandBazaar is a B2B E-Commerce platform for Construction Materials and Registered Users have access to the Source-To-Pay services on LokhandBazaar.
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Registered Seller can publish and display up-to five (5) of his top Products on the LokhandBazaar Marketplace free of cost. These Products would remain displayed at all times, based on the validity set by the Seller.
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Buyers can search the Marketplace by Name, Product, Price, Home and Destination and place orders. Buyers can also send RFQ to all Registered Sellers and such RFQ shall be displayed as an easily searchable RFQ on the Seller RFQ page.
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Seller undertakes that all Company specific details submitted on Registration and the Banking information submitted in the Final Offer by the Seller viz Beneficiary name and Account number, Bank branch and IFSC code and Type of account are genuine, bona-fide, legal, currentand operational.
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LokhandBazaar disclaims any legal and professional liability arising out of wrong information submitted by the Seller and shall not be responsible for any transactional, commercial or financial consequences arising due to faulty and incorrect information.
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Seller agrees that a minimum of 10% of the Invoice value shall be payable as Advance payment by the Buyer and shall be routed through the RazorPay Route payment gateway integrated on LokhandBazaar.
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Seller agrees that as a mechanism of trade assurance, the Advance payment routed through the Payment gateway shall not be credited immediately to Seller account but shall be collected on Seller behalf and first parkedsafely and securely with a neutral nodal account created between the Payment gateway and LokhandBazaar.
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By providing this Payment gateway facility, LokhandBazaar is neither acting as a trustee nor acting in a fiduciary capacity in respect of the financial transaction.
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Seller shall receive the notification of Advance Payment from the Buyer on the site and agrees to immediately commence process of Shipment upon receipt of notification. Seller shall upload legal, bona-fide, valid document as evidence of contract of transportation and proof of shipment like E-way Bill, LR, GRNand submit shipment detailsin the Transit Form on the site, as legal evidence of commencement of transit.
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LokhandBazaar shall collect TCS @ 1% of net value of taxable supplies which the Seller can claim credit under his GST returns as per GOI guidelines under Section 52 of the CGST Act.
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LokhandBazaar shall deduct TDS @ 1% of gross sales value of supplies which the Seller can claim credit under his IT returns as per GOI guidelines under Section 194(O) of the IT Act
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Seller agrees that the Advance Payment, (net of TCS and TDS as described under 10 and 11 and Service charges as described under 13), shall be settled to the Seller designated account through the Payment gateway only after the Seller uploads the legal, bona-fide, valid document as evidence of contract of transportation and proof of shipment like E-way Bill, LR, GRN and submits the Transit Form on the site as legal evidence for the commencement of transit
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Seller agrees that LokhandBazaar can hold back this settlement or claim a refund if settled, in case of any invalidity, deficiency or discrepancy in the document of proof of shipment and the information in the Transit Form uploaded by Seller, till the time the invalidity, deficiency or discrepancy is effectively and conclusively resolved by Seller. Any cost and expense incurred by Seller are to his account till this time.
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LokhandBazaar shall levy a service charge to the Selleronce the Order is confirmed videthe payment of the Advance amount by the Buyerand the service chargeshall accrue whether the shipment is effected or not.. The service charge is payable before the Advance Payment amount is settled to the Seller through the Payment gateway.
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The schedule of Service charges is calibrated to payment risk and shall be as under:
Seller Advance Payment
(as% of Total Invoice Amount) |
LokhandBazaar Service Charge
(as % of Total Value of Goods) |
| 10-25% |
2.50% |
| 26-50% |
3.25% |
| 51-75% |
4.25% |
| 76-100% |
5.50% |
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GST extra as applicable to be added to the final Service charge amount
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Seller agrees to continue to transact only through LokhandBazaar platform for the balance credit based payments under the Transaction if applicable, and agrees to not deviate, bypass or undermine LokhandBazaar Terms of Use by dealing or transacting with the Buyer outside of the LokhandBazaar platform for all orders received and transactions commenced and undertaken through LokhandBazaar.
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Seller agrees that all policies, terms of use and conditions mentioned elsewhere on LokhandBazaar have been read and are accepted.