Terms and Conditions for IP Bidding Portal

Welcome to the competitive bidding website for FlyBuzz's Intellectual Property!

These terms and conditions outline the rules and regulations for the use of FlyBuzz's Bidding Website, located at https://flybuzz.ca.

By accessing this website, we assume you accept these terms and conditions. Do not continue to use FlyBuzz if you do not agree to take all of the terms and conditions stated on this page.

Effective Date: July 4, 2025
Bidding Start Date: July 10, 2025
Bidding End Date: August 10, 2025
Starting Bid Amount: USD 2,050,000 (United States Dollars)

1. Purpose

These Terms and Conditions govern access to and participation in the bidding process for a specific Intellectual Property (IP) asset related to drones and aerial mobility technologies. The IP has been filed as a PCT Application with Reference: PCT/IN2025/050275 dated: 22/02/2025 and a Indian Utility Patent Application # E-12/3771/2025/CHE (Ref: 202441012560) with title: AERIAL VEHICLE WITH FORKED WING ENDS CARRYING THRUST PRODUCING UNITS. The bidding is conducted through https://flybuzz.ca (hereinafter referred to as the "Platform").

2. Eligibility Criteria

2.1 Only registered companies that meet the following conditions are eligible to participate in the bidding:

  • Incorporated and operational under applicable laws.

  • Actively engaged in aerospace, defense, drone technology, or air mobility solutions.

  • Demonstrably aligned with India's national security concerns, subject to verification by the Platform administrators or designated authority.

  • Any exceptions shall be subjected to the approval of FlyBuzz / IP owners.

2.2 Participation from companies affiliated with or located in restricted or adversarial jurisdictions may be disqualified without notice.

3. Bidding Rules

3.1 The bidding window will be open from July 10, 2025 (00:00 EST) to August 10, 2025 (23:59 EST).

3.2 All bids must be submitted in USD (United States Dollars).

3.3 The starting bid is set at USD 2,050,000.

3.4 A company may place multiple bids, provided each new bid exceeds the current highest bid by a minimum increment of USD 50,000.

3.5 Once a bid is placed, it is legally binding and cannot be withdrawn. All participants are expected to honor their financial commitments.

3.6 The Platform reserves the right to verify the financial capability and authenticity using email and / or phone, before accepting any bid as valid.

4. Intellectual Property

4.1 The IP asset being auctioned is proprietary and includes designs, patents, algorithms, and associated documentation relevant to drone and air mobility systems.

4.2 Access to sensitive technical information will only be granted to pre-qualified bidders under strict Non-Disclosure Agreements (NDAs).

4.3 The winning bidder will receive full transfer of rights and ownership, subject to legal due diligence, compliance checks, and final agreement execution.

5. Disqualification and Fraudulent Activity

5.1 The Platform reserves the right to suspend or disqualify any participant engaging in:

  • Bid rigging, collusion, or coordinated manipulation

  • Submission of false documents or credentials

  • Violation of Indian national security norms or export control laws

5.2 Disqualified participants forfeit all rights to challenge the outcome of the bidding process.

6. Governing Law and Jurisdiction

6.1 These Terms shall be governed by the laws of the Republic of India.

6.2 Any dispute arising out of the bidding process shall be subject to exclusive jurisdiction of the courts of Goa, India.

7. Confidentiality

7.1 All participating entities agree to maintain strict confidentiality regarding:

  • Bidding status and strategies

  • Content of the IP

  • Any internal communications with the Platform administrators

8. Finalization of Sale

8.1 The Platform will notify the highest valid bidder within 7 business days of the closing date.

8.2 The transaction must be closed within 30 days of notification, subject to legal clearances and signing of the definitive agreement.

9. Platform Rights

9.1 The Platform reserves the right to:

  • Cancel, Extend, Shorten, or Reschedule the bidding window at its sole discretion, with or without prior notice.

  • Reject any bid without assigning a reason.

  • Modify these Terms and Conditions at any time prior to the bidding start date.

  • Disqualify participants found to be in breach of any conditions outlined herein or engaged in unethical bidding behavior.

10. Contact

For inquiries, verification, or NDA initiation, please contact:
Email: info@flybuzz.ca
Website: www.flybuzz.ca