The daily clearing & settlement procedures
Once the trade has been confirmed, primary invoice will be generated automatically by GFC e-auction Aucxis software which can be accessed by the traders from the respective dashboard or from the one sent to the winning bidder on email / SMS or manually etc. The winning bidder will deposit the amount calculated as per the sale agreement, which will include commission fee, agent’s charges, loading / unloading / packaging charges etc., as applicable. Winning bidder will be able to deposit the amount on-line into an settlement account using a specific interface we provide or through on-line payment gateway provided on GFC e-platform. Once the funds are received, a confirmation message will be sent to the Farmer- Seller / GP/ Collectivity, or Commission Agent. Depending on the terms of delivery, the winning bidder will be required to take the delivery of goods either by himself or through an authorized agent or logistics provider. Buyer can also request the TMC (Terminal Market Center) SP to dispatch the goods through a transporter identified by him on “Freight to Pay” basis at his own risk and cost Freight, insurance charges etc. to be paid by the buyer. Funds due to be paid to the Farmer- Seller / GP / Collectivity/ Commission Agent and other beneficiaries like service providers etc. will be transferred to their respective bank accounts registered with GFC e-auction platform after acceptance of delivery by the buyer or his representative within 1 (one) business day by the bank operating the e-auction account of GFC upon on-line approval.