Forward Auctions are auctions used by Government entities registered on GeM to sell their items (Properties, Scrap Materials, e-waste and much more) to many potential buyers.
FA Buyer/Bidder is an individual or entity who participates in a forward auction to purchase goods, services, or assets. The forward auction buyer/bidder is the party interested in acquiring the offered item and is willing to bid against other buyers to secure it. The highest bidder at the close of the auction typically wins the item and completes the purchase as per terms and conditions set by auctioneer.
All successfully registered bidders need to accept the terms and condition and then pay the EMD amount (if applicable) to participate in the Live auctions.
All auctions are publically published other than limited auctions for the FA Buyer to participate in the auction. Once the auction starts all the auction events are highly secure and conducted strictly between Auctioneer and set of qualified Bidders on Forward Auction. Post auction end, the auction result is made public for everyone to view and the winning Bidders are intimated on email and product.
FA Buyer/Bidder Registration on Forward Auction is a simple process; interested users just need to click on the FA Bidder Registration link under Forward Auction menu header from GeM Home page.
Fill all the required details along with the PAN information on the registration page. Post form submission all bidders will need to verify their email id, after which they would get successfully registered on Forward Auction.
The EMD of unsuccessful bidders will be auto refunded to their source account within 2 days after the generation of the sale intimation letter through GeM only
Forward Auctions are auctions used by Government entities registered on GeM to sell their items (Properties, Scrap Materials, e-waste and much more) to many potential buyers.
All Buyers registered on GeM would have the option to auto-enroll as auctioneer/FA seller on Forward Auction Platform. FA seller/Auctioneer would be able to sell their assets on GeM by creating and publishing the auction on GeM platform. To register as FA seller on Forward Auction Platform, the user needs to be first registered as Secondary Buyer on GeM.
All auctions are publically published other than limited auctions for the FA Buyer to participate in the auction. Once the auction starts all the auction events are highly secure and conducted strictly between Auctioneer and set of qualified Bidders on Forward Auction. Post auction end, the auction result is made public for everyone to view and the winning Bidders are intimated on email and product.
FA Buyer/Bidder Registration on Forward Auction is a simple process; interested users just need to click on the FA Bidder Registration link under Forward Auction menu header from GeM Home page.
Fill all the required details along with the PAN information on the registration page. Post form submission all bidders will need to verify their email id, after which they would get successfully registered on Forward Auction.
Auctionner along with H1 bidder will get and option to download the intimation lettter. However H1 bidder can only download the intimation letter after payment of Transaction charges.
Auctionneer / Forward Auction Selller/ Secondary Buyers can create forward auctions in different categories avaiable on GeM portal such as e waste, Sublet/leasing, Land/Building,Machineries, Scraps/Disposable and others
Bidder can utilize ICICI and Axis Bank payment gateway where they can find all major banks. As of now internet banking and NEFT/RTGS option is available in both Payment Gateways for EMD payment.
A reserve price is a minimum price that a seller would be willing to accept from a buyer. In an auction, the seller does not disclose the reserve price to potential buyers. The bidding will start from opening price set by auctionner
(Tolrance %) Ex: Opening Price: 200 ,Increment Price :10, Reserve Price: 500 and STA = 10%
Range will be 500 to 500 - 10% of 500 = 500 to 450
Case1 : H1 Price = 410 ( Auto rejected by system as same is lower than the reserve Price and STA)
Case 2: H1 Price = 530 ( Auto accepted by system as same is higher than the reserve Price and STA)
Case 3: H1 Price = 460 ( Auctionner have to accept/reject lot wihtin 21 days as price is in range of STA i.e. 450 to 500. If auctionner fail to do so the lot will be auto rejected
New on GeM
