- Upset price fixed by the committee (Headed by the Secretary, Mines & Mineral Development Department).
- Conduct of open auction by Auctions committee (Headed by the Director General, Mines & Mineral Development).
- Eligibility for participation:
- Earnest money 5%
- National Identity Card
- Authorization letter (in case principal is not able to participate himself).
- Memorandum / Articles of association (for firms companies).
- Earnest money for first three highest bidders is retained till finalization of the award.
4. Acceptance of bid letter issued after approval of the Competent Authority/ Government.
5. Advance payment of 10% plus 5% Security deposit of the bid amount before execution of the final contract contract/award/agreement/handing over possession.
6. Contract amount is payable in nine equal monthly installments.
7. The first installment would be paid before 7th of commencing month. However in case of royalty on coal, contract amount would be payable in eleven equal monthly installments.