Bidding Policy

At FAM Auctions, we strive to provide a fair and transparent bidding experience to all of our valued customers. Please carefully review the following bidding policy before participating in any Auctions on our platform:

1. Auction Process:

   All auctions are conducted in a competitive bidding format. Customers can place bids on their favourite Minerals/Gemstones listed on our website within the specified auction duration.The highest bid at the end of the auction period will be considered the winning bid.

2. Payment Terms:

   The winning bidder is required to complete the payment for the auctioned item within three (3) days of the auction’s conclusion.
   Failure to make payment within the stipulated timeframe may result in the forfeiture of the winning bid, and the item may be offered to the next highest bidder.

3. Bidder Responsibilities:

   By participating in our auctions, bidders acknowledge their commitment to complete the purchase if their bid is successful.
   Bidders must ensure that they have the necessary funds available to fulfill their obligation to purchase the auctioned item.

4. Bid Retraction:

   Bids placed on FAM Auctions are binding commitments to purchase the item if successful. Therefore, bid retractions are not permitted except under exceptional circumstances, and any request for bid retraction will be reviewed on a case-by-case basis.

5. Non-Payment Consequences:

   Failure to complete payment within the specified timeframe may result in the suspension or termination of the bidder’s participation in the future.
   Repeated instances of non-payment may result in restrictions on future bidding privileges.

6. Dispute Resolution:

   In the event of any disputes regarding bidding, payments, or item condition, FAM Auctions reserves the right to arbitrate and make a final decision, which shall be binding on all parties involved.

7. Policy Updates:

   FAM Auctions reserves the right to modify or update the bidding policy at any time without prior notice. It is the responsibility of all bidders to regularly review the policy for any changes.

By participating in auctions, bidders agree to abide by the terms and conditions outlined in this bidding policy. We encourage all bidders to familiarize themselves with our policies and guidelines to ensure a smooth and enjoyable auction experience.