Terms of Service

By accessing or using the BidDrive platform ("Platform"), operated by GIT Lanka (Pvt) Ltd ("Company", "we", "us", or "our"), you agree to be bound by these Terms of Service ("Terms"). If you do not agree to these Terms, you must not access or use the Platform.

These Terms apply to all users of the Platform, including buyers, sellers, dealers, and administrators. By creating an account or placing a bid, you acknowledge that you have read, understood, and agree to be bound by these Terms.

To use BidDrive, you must:

• Be at least 18 years of age. • Be a resident of or a business registered in Sri Lanka. • Have a valid National Identity Card (NIC), passport, or equivalent government-issued identification. • Successfully complete our KYC (Know Your Customer) verification process before placing any bids. • Not have been previously suspended or banned from the Platform.

By registering, you represent and warrant that you meet all eligibility requirements. We reserve the right to refuse registration or terminate accounts at our sole discretion.

When you create an account on BidDrive, you agree to:

• Provide accurate, current, and complete information. • Maintain and promptly update your account information. • Maintain the confidentiality of your password and account credentials. • Be responsible for all activities that occur under your account. • Notify us immediately at support@biddrive.lk of any unauthorized use of your account.

You may not use another person's account without their explicit permission. We will not be liable for any loss or damage arising from your failure to comply with these security obligations.

As a financial services platform regulated under Sri Lankan law, BidDrive requires all users to complete identity verification before participating in auctions.

KYC Requirements: • A clear photograph of the front and back of your National Identity Card or passport. • A live selfie matching your identification document.

Review Process: • Our verification team reviews KYC submissions within 10 minutes during business hours. • Submitting fraudulent documents is a criminal offence under the Prevention of Money Laundering Act No. 5 of 2006 and will be reported to the Financial Intelligence Unit (FIU) of Sri Lanka. • We reserve the right to reject or revoke KYC approval at any time.

All bids placed on BidDrive are legally binding offers to purchase.

Bidding Rules: • Once a bid is placed, it cannot be retracted or cancelled. • The highest bid at auction close is the winning bid, subject to the reserve price. • If the reserve price is not met, the auction closes without a sale and no funds are transferred. • Proxy (auto) bids are executed by our engine on your behalf up to your specified maximum. • We reserve the right to cancel any auction or bid in cases of suspected fraud, technical errors, or breach of these Terms.

Winning a Bid: • If you win an auction, you are contractually obligated to complete the purchase. • Failure to complete a purchase after winning may result in forfeiture of your security deposit and permanent suspension from the Platform.

All payments are processed through BidDrive's escrow system, designed to protect both buyers and sellers.

How Escrow Works: 1. The winning buyer deposits the full purchase price into escrow. 2. The seller is notified that funds are secured. 3. Both parties coordinate vehicle handover through the Platform. 4. Upon buyer confirmation of receipt, escrow funds are released to the seller within 1 business day. 5. The Platform deducts a commission fee (currently 1.5% of the sale price) before releasing seller proceeds.

Refunds: • If the seller fails to deliver the vehicle, the full escrow amount is refunded to the buyer. • Commission fees are non-refundable once a transaction is completed. • Security deposits are refunded within 1 business day after the auction concludes without a sale.

Sellers and dealers are responsible for the accuracy of all vehicle listings.

Listing Requirements: • All information provided must be accurate, complete, and not misleading. • Vehicles must be legally owned by the seller with a clean ownership title. • Sellers must disclose all known defects, accidents, or modifications. • Providing false or misleading information is grounds for immediate account termination and legal action.

Prohibited Vehicles: • Stolen vehicles or vehicles with outstanding finance. • Vehicles subject to a court order or embargo. • Vehicles not compliant with Sri Lanka Road Development Authority (RDA) regulations. • Vehicles with clocked odometers.

Current Fee Structure (as of January 2026):

Buyers: • Bidding is free for all KYC-verified members. • A refundable security deposit (amount specified at listing) is required before joining an auction.

Sellers: • Listing a vehicle is free. • A commission of 1.5% of the final sale price is charged upon successful completion. • No fees are charged if the reserve price is not met.

Dealers: • Dealer plans available; contact dealer@biddrive.lk for pricing.

We reserve the right to change our fee structure with 30 days' notice. Continued use of the Platform after notice constitutes acceptance of the new fees.

You agree not to:

• Place bids without genuine intention to purchase ("shill bidding"). • Coordinate with other users to manipulate auction prices. • Create multiple accounts or impersonate another person. • Use the Platform for any unlawful purpose. • Attempt to hack, reverse engineer, or disrupt the Platform. • Scrape, crawl, or data-mine any content from the Platform without written consent. • Upload or transmit viruses or malicious code. • Harass, abuse, or threaten other users or our staff.

Violations may result in immediate account suspension, legal action, and reporting to relevant Sri Lankan authorities.

In the event of a dispute between buyers and sellers:

1. Either party may file a dispute through the Platform's built-in dispute resolution system. 2. Our dispute team will review all evidence within 3 business days. 3. We may request additional documentation from either party. 4. Our decision is binding on both parties with respect to escrow release. 5. Disputes not resolved through our system may be referred to mediation under the Mediation Act No. 72 of 1988 of Sri Lanka.

BidDrive reserves the right to freeze escrow funds pending the outcome of any dispute investigation.

To the maximum extent permitted by Sri Lankan law:

• BidDrive is a marketplace platform and is not a party to transactions between buyers and sellers. • We do not warrant the accuracy of any vehicle listing, the condition of any vehicle, or the ability of any party to complete a transaction. • Our liability to you for any claim arising from your use of the Platform is limited to the total fees paid by you to BidDrive in the 12 months preceding the claim. • We are not liable for indirect, incidental, special, consequential, or punitive damages. • We are not responsible for any losses arising from technical outages, force majeure, or third-party service failures.

We reserve the right to suspend or terminate your account, with or without notice, for any reason, including:

• Violation of these Terms. • Suspected fraudulent activity. • Non-payment of outstanding fees. • Requests from law enforcement or regulatory authorities.

Upon termination, your right to use the Platform ceases immediately. Any outstanding escrow transactions will be handled according to our dispute resolution process. You may request account deletion by contacting support@biddrive.lk.

These Terms are governed by and construed in accordance with the laws of the Democratic Socialist Republic of Sri Lanka. Any disputes arising under these Terms shall be subject to the exclusive jurisdiction of the courts of Sri Lanka.

If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.

These Terms constitute the entire agreement between you and BidDrive with respect to the subject matter hereof, superseding all prior agreements.

Last Updated: January 1, 2026

We may update these Terms from time to time. We will notify you of material changes by email or prominent notice on the Platform at least 30 days before the changes take effect.

For questions about these Terms, please contact: • Email: legal@biddrive.lk • Post: GIT Lanka (Pvt) Ltd, Legal Department, 42 Galle Road, Colombo 3, Sri Lanka 00300 • Phone: +94 11 200 4800