Terms of Service

Last Updated: June 2026

1. Verification & KYC Requirements

LankaBids Precision operates as a high-security, curated marketplace. To participate in active bidding or list an asset, users must complete our Know Your Customer (KYC) identity verification.

  • Users must submit a valid National Identity Card (NIC) number, along with high-resolution images of the front and back of the physical card.
  • Users must submit a verified bank statement or utility bill issued within the last 3 months matching their physical residential address.
  • Submitting fraudulent, forged, or altered documentation is a criminal offense under Sri Lankan law and will result in immediate account termination, forfeiture of all deposits, and a formal report to the cybercrimes division.

2. Platform Role & Limitations

LankaBids Precision ("the Platform") operates strictly as a digital facilitator and automotive advisory service. We do not own, buy, or sell the vehicles listed. The final contract of sale, transfer of funds, and RMV documentation (MT6/MT8) are executed directly between the Buyer and the Seller.

3. The Engineering Vetting Report

The mechanical inspections and resulting scores provided by our Engineering Lead are expert professional opinions based on visual and diagnostic checks at a specific point in time. They do not constitute a warranty, guarantee, or insurance policy. All assets are sold "As-Is". Buyers are strongly encouraged to conduct their own final inspection prior to the handover of funds.

4. Fees, Bidding & Deposits

Listing an asset on LankaBids Precision is completely free of charge for sellers.

  • Buyer's Premium: A platform facilitation fee of 1.5% from the final winning bid amount will be deducted from the winning bid amount by LankaBids upon a successful auction.
  • To maintain a secure marketplace, users must submit a refundable security deposit of LKR 5,000 to unlock bidding privileges.
  • If you win an auction and default on the purchase, the LKR 5,000 deposit is forfeited and your account is banned.

5. Dispute Resolution

Any disputes arising from the use of this Platform shall be governed by the laws of the Democratic Socialist Republic of Sri Lanka.