0. About these terms. These terms govern all auction listings on Lotwell. “Lotwell”, “we” or “us” means the operator of this platform; “you” or “buyer” means the registered business/trade buyer bidding on a lot; “lot” means the goods in a single listing. Lotwell acts as seller or authorised supplier of the goods; we are not the manufacturer unless expressly stated. These terms form a binding contract between you and Lotwell.
1. Eligibility & verification. Auctions are open to verified business and trade buyers only. To bid you must register and verify your account with accurate business and contact details and complete OTP verification. We may request further verification and may refuse, suspend or close any account at our discretion. You confirm you are legally able to buy and import the goods in your country.
2. Sealed bids. All bids are confidential, you cannot see other buyers’ bids and they cannot see yours; bids are visible only to the Lotwell team. Each bid is a firm offer to buy the lot at the stated price. You may raise or change your bid until close; your last bid before close stands. Bids cannot be retracted after placing except at our discretion. If two or more identical highest bids are received, the earliest-submitted bid wins.
3. Reserve price. Each lot has a minimum (reserve) price, shown on the listing. If no bid meets the reserve, Lotwell is under no obligation to sell and may decline all bids, relist the lot, or negotiate separately with the highest bidder.
4. Auction period & close. Each auction runs for a fixed window of 10 days, with the opening and closing date/time shown on the lot. At close, bidding stops automatically, no late bids are accepted, the highest qualifying bid is identified and the leading bidder is notified.
5. Winning bid & formation of contract. Being highest bidder is an offer, not a completed sale. A binding contract is formed only when Lotwell confirms acceptance of your bid in writing (email or platform message). We may reject any bid, cancel any auction, or decline any winner where verification, payment, legality or stock availability is in doubt.
6. Price & payment. The winner pays a 30% advance deposit to confirm the order within 48 hours of notification; this deposit is non-refundable if you then fail to complete. The balance is due in full before dispatch. All prices are in BDT (Bangladeshi taka) and exclusive of shipping, taxes and duties unless stated. The buyer bears all bank, remittance and currency-conversion fees on both sides unless agreed otherwise in writing.
7. Non-payment & default. If the deposit or balance is not paid on time, the order is cancelled, any deposit forfeited, and we may suspend or ban the account and recover reasonable costs. On default we may make a second-chance offer to the next-highest qualifying bidder, relist, or withdraw the lot.
8. Inspection, photos/video & samples. Each lot is presented with detailed photographs and, where available, video of the actual goods. Want to see and feel the goods first? Request a physical sample before bidding opens to get a sense of the lot’s general type and quality. Sample cost plus courier and handling are paid by you in advance. A sample does not guarantee that every unit is identical; minor variation across a lot is normal.
9. Goods sold “as described” and “as is”. Lots are surplus and sourced goods, graded and described honestly with photographs, and sold “as described” and “as is”. To the fullest extent permitted by law, Lotwell gives no other warranties, express or implied, including any implied warranty of merchantability or fitness for a particular purpose. Descriptions, quantities, weights, measurements and photographs are provided in good faith as a fair representation and may carry the reasonable variation normal for surplus lots.
10. Inspection & claims. Any claim that goods materially differ from the listing must be raised in writing within 3 days of receipt, with clear photo/video evidence and the lot/order reference. Goods must not be used, altered, washed, re-labelled or sold on before a claim is resolved. Where a claim is accepted, our sole remedy, at our choice, is a partial refund, replacement or credit, limited to the value of the affected goods. Returns are accepted only if authorised by us in writing.
11. Shipping, Incoterms, title & risk, duties. The shipping method, Incoterm, payment method and delivery terms are confirmed per lot on the invoice. Unless agreed otherwise, the buyer is responsible for freight and for all import duties, taxes, customs clearance and charges in the destination country. Risk passes to the buyer per the agreed Incoterm. Title passes to the buyer only on receipt of full payment. Delivery dates are estimates, not guarantees.
12. Buyer responsibilities & compliance. The buyer is solely responsible for ensuring the goods may be lawfully imported, sold and used in the destination country, including customs, licensing, product-safety, labelling and IP/brand requirements. The buyer must not misrepresent the goods’ origin, brand or condition on resale, and indemnifies Lotwell against any loss, claim or penalty arising from the buyer’s import, resale or use of the goods.
13. Prohibited & restricted goods. Lotwell does not knowingly list counterfeit goods or goods that infringe any third party’s trademark or intellectual-property rights. Branded labels and markings are removed unless resale is expressly authorised. We do not list illegal, unsafe or prohibited items, and we may remove, amend or cancel any listing that breaches this policy at any time.
14. Prohibited conduct. Bid manipulation, shill bidding, collusion between buyers, use of multiple or fake accounts, and any attempt to defraud or manipulate an auction are prohibited. We may reject or void bids, cancel auctions, withhold goods, and suspend or ban accounts where we reasonably suspect such conduct.
15. Limitation of liability. To the fullest extent permitted by law, Lotwell’s total liability arising from any lot or transaction is limited to the amount actually paid by the buyer for that lot. We are not liable for any indirect, incidental or consequential loss, including loss of profit, business or opportunity. Nothing excludes liability that cannot be excluded by law.
16. Confidentiality & data. Bid amounts are confidential to Lotwell and the bidder. Verification and account data are handled per our Privacy Policy and applicable law.
17. Force majeure. Lotwell is not liable for delay or failure caused by events beyond our reasonable control, including natural disasters, strikes, transport/port disruption, customs action, currency or banking restrictions, war, or government measures.
18. Changes; amendment or cancellation of lots. We may correct, relist, amend or cancel a lot before a contract is formed (e.g. reserve not met, or a listing error). We may update these terms from time to time; the version in force when you bid applies.
19. Governing law & dispute resolution. These terms are governed by the laws of Bangladesh. The parties will first attempt to resolve any dispute amicably; failing that, disputes shall be finally resolved by arbitration seated in Dhaka, Bangladesh.
20. General. If any clause is unenforceable, the rest remain in force. These terms, the listing and the invoice are the entire agreement between you and Lotwell for each lot.
How a Lotwell auction works, step by step
- Browse the lot. Each listing shows product type, material/composition, total quantity, size/colour breakdown, grade/condition, photos and video of the actual goods, origin, shipping location, the visible reserve price, and the bidding open/close dates.
- Register & get verified. Create an account and verify it (business details + OTP, plus any documents we request). Only verified trade buyers can bid.
- Ask questions / request a sample (optional). Want to see and feel the goods first? Request a physical sample before bidding opens to get a sense of the lot’s general type and quality.
- Place your sealed bid. Submit a confidential, binding offer to buy the lot at your price. You can raise or change it any time before close; your last bid stands. Only bid on goods you’re ready to buy.
- Auction closes automatically at the end of the 10-day window. No late bids.
- Bids reviewed. If the top bid meets the visible reserve, that bidder is the provisional winner. If two tie at the top, the earliest submitted wins. If nothing meets the reserve, we may decline, negotiate with the highest bidder, or relist.
- Winner confirmed & contract formed when we accept the winning bid in writing.
- Deposit to secure the lot, 30% within 48 hours. Miss it and the order is cancelled, the deposit forfeited, and we may offer the lot to the next-highest bidder or relist.
- Invoice issued, final price, shipping method, Incoterm, who handles freight/duties, and payment method.
- Balance paid in full before dispatch. Title passes to you on full payment.
- Documentation & dispatch, we prepare the goods and export documents (commercial invoice, packing list, any agreed certificates), hand to the carrier, and send tracking. Risk passes per the agreed Incoterm.
- Delivery, inspection & completion, inspect on receipt; raise any claim within 3 days with photo/video evidence before using or reselling. If all is in order, the sale is complete.