According to Xiao Lei, all the 45 cars at this auction have been auctioned in excess of their auction starting prices with the total starting price being 998,500 yuan and the total transaction price 2,626,000 yuan. This total transaction price is a little higher than the anticipation price of the auction company.

Although this means that ERAs can be used in open tendering proceedings, it has been observed that, in practice, the restricted procedure will normally be used when an ERA is involved.

It takes place at the start of the auction when all registered bidders submit their initial prices.

In model 3 auctions, the winning bidder is not known until after the full evaluation of auctionable and non auctionable criteria.

The auctioneer will return to the bidding session whenever it is possible to do so, without prejudice to the bids submitted during the time the auctioneer was disconnected.

Some delegations considered that only the price should be subject to auction, so as to ensure transparency in the process.

I will entertain your bids for this beautiful bracelet, which has been donated by our hostess, Mrs. Sutton.

Things used by Elvis Presley...

Come along, child. The auction is about to begin.

The lowest submitted price is announced as the starting price of the auction.

A minimum period of time is usually required to elapse between the issuance of the notice of auction or invitation to the auction, as the case may be, and the opening of the auction.

(c) The procuring entity may also at any time announce the number of participants in the auction but shall not disclose the identity of any bidder during the auction until the auction has closed.

Unlike a traditional selling auction which involves a single seller and many buyers, the latter bidding for the right to purchase and the former using market forces to drive buyers to raise the price of purchase, in a reverse auction, there is a single buyer and many suppliers the buyer indicates its requirement, and suppliers progressively bid downwards to win the right to supply.

The winning bidder, however, has the right to refuse lowering the price submitted in the ERA and the auctioneer is not allowed to disqualify the bidder for that reason.

In both types of ERAs, an unlimited number of participants is publicly invited to submit an application to participate in the ERA.

For instance, temporary suspensions may be requested by participants and granted by the reverse auctioneer to give time to bidders to rethink their bids.

What collection? The one to be auctioned.

Gentlemen! Please take your seats and the auction will commence.

Most information related to an ERA is made available to participants already at the stage of advertising a notice of auction, in particular in the auction rules.

(b) Procuring entities must provide instantaneously communicate to all bidders on a continuous basis during the auction with sufficient information to enable each to establish its own current ranking in the auction whether it has the top ranking in the auction to establish the changes needed to any bid to give it the top ranking in the auction

I have a big show with Phillips Auctioneers.

With respect to the assets sold at auction, the sale value of 1,693,400 represents the proceeds from the auction of non expendable equipment. In addition, there was income of 88,050 from the auction of surplus expendable supplies.

Some systems regulate specifically the content of the notice on the winning bid, including the identity and coordinates of the winning bidder, the price of the winning bid, and the place of publication (e.g., on the website specified in the notice of the auction).

(ii) The date and time of the opening of the electronic reverse auction

(5) The procuring entity shall allow a period of time to elapse between the issuance of the invitation to participate in the electronic reverse auction and the opening of the auction sufficient so as to ensure sufficient participation in the auction.

AUCTION SALE

Among other things, the provision requires the formula for evaluation of non price criteria that are to be presented in the auction to be disclosed in the invitation documents.

However, the effectiveness of auction sales was poor property with an inventory value of 18.3 million was sold for 1.7 million, of which 0.2 million was paid to the auctioneer as a fee and a commission.

Another distinct feature of the Brazilian system found in article 4 of the Decree, is that the auctioneer may negotiate the price directly with the winner or with the next best bidder if the first is disqualified, if the auctioneer is not satisfied with the lowest price obtained in the ERA (paras. XI and XVI).

(i) The date and time of the opening of the electronic reverse auction

In Brazil, the evaluation of initial proposals is used solely for the purpose of determining the starting price of the auction.

Often lowest price is the sole award criterion in competitions conducted entirely through an ERA.

The right to reject all bids at the end of ERAs is explicitly provided in some ERA specific regulations.

When auctions of models 1 and 2 are utilized (see A CN.9 WG.I WP.35, para. 33), the winning bidder should be known in the end of the auction as it is normally the bidder offering the lowest bid.

A distinct feature of the Brazilian ERA system is a possibility for a reverse auctioneer and bidders to communicate through the chat , a tool used to clarify the understanding between the auctioneer and the suppliers on issues related to the auction during the ERA, such as conditions of the bidding documents, specifications, suspensions, extensions and abnormally low bids.

Bidders interested in a particular ERA have to register for it by expressing an interest at least 3 days prior to its opening date.

Collusion can occur in the ERA when two or more bidders work in tandem to manipulate the price of an auction, or, alternatively, when a seller uses shells to enter fake bids and drive up the asking price.

In Brazil, the bidder offering the lowest bid may be disqualified in the course of evaluation of its qualifications, which takes place after the auction.

(d) The draft contract with the auctioneer had envisaged a period of up to 24 days between signing the contract and holding the auction, in order to allow the United Nations time to agree to the contractor apos s organization of the lots for sale, agree to a minimum sale price per lot, inspect the contractor apos s insurance cover, open a bank account, review the contractor apos s action plan and review the list of invitees.

However, the design itself is not itself evaluated during the auction.

Requiring initial tenders to include all features, including those to be presented through the auction, may assist the procuring entity in setting a starting price for the auction.

Other information, such as the starting price in the ERA or information about a third party ERA service provider, is also usually provided.

Suspension of auctions

Sale of equipment at auction.

Decisions to suspend may be taken by auctioneers either on their own initiative or at the request of bidders.