(Section 3) - (1) The person whose bid has been accepted shall pay the amount offered by him for fishing in full at the time of auction or shall pay one third of auction amount at the time of auction and the remaining amount within 30 days from the date of the auction. In case of failure to deposit the remaining 2/3rd amount by the bidder within the stipulated period of 30 days, the 1/3rd amount deposited by the bidder at the time of auction shall be forfeited. In case where the bid amount is less than ten thousand rupees, the whole amount shall have to be paid at the time of auction.(2)A person, in whose favour the auction is closed shall at the fall of hammer, also deposit with the licensing authority an amount equal to 5% of contract amount as cash security for faithful observance of provisions of these rules and terms of his licence. If the licensee commits breach of any terms of his licence then without prejudice to any other action that may be taken against him, the cash security or such portion thereof as the licensing authority may deem fit, shall be forfeited to Government.(3)After the payment of the 1/3rd amount, the licensee shall furnish an agreement deed in Form A to the satisfaction of the licensing authority within ten days from the date of issue of the acceptance of the bid.(4)After depositing the total bid amount as required by sub-rule (1), furnishing the cash security as required by sub-rule (2) and the agreement deed as required by sub-rule (3) by the licensee a licence in Form B shall be issued to him.(5)In case the bidder in whose name the auction is closed fails to pay the amount due from him at the fall of hammer or the amount of security required to be deposited under sub-rule (2) or fails to furnish the agreement deeded as required under sub-rule (3), the auctioning authority shall have the right to forfeit the earnest money, the 1/3rd amount already deposited at the time of auction and the cash security, cancel the bid, re-auction the fishing rights and also debar such a bidder from bidding for three years.
