What collection? The one to be auctioned.

AUCTION SALE

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.

One of the inherent features of an ERA is that it enables current information about the status of the auction to be provided to bidders automatically and instantaneously as an auction unfolds.

The sections below address aspects of pre auction, auction and post auction stages commonly regulated by ERA specific provisions of existing regulations.

Article 47 bis. Conduct of electronic reverse auctions in the pre auction period

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

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.

Article 47 bis. Conduct of electronic reverse auctions in the pre auction period

Invitation to auction

Auction stage

Yeah, I sell them.

If, however, the auctioneer is disconnected for more than 10 minutes, the ERA is suspended and resumes on the date and time notified to the participants by the auctioneer through the COMPRASNET website.

Ask the chairpersons and CEOs of Sotheby's and Christie's.

Article 47 ter. Conduct of electronic reverse auctions during the auction itself

Immediately after abortion of an auction, the reasons for the abortion shall be communicated at the Internet address fixed in the auction rules to those bidders who were last in participating in the auction (para.

A. Pre auction period

The holding of the auction

Pre auction stage

Post auction

Come to the auction tomorrow.

The Brazilian system permits bidders to challenge the time fixed for the auction and request extensions of the auction.

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.

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.

The fact of suspensions and justifications are automatically reflected in the records of ERA.

They put these in auctions.

Following the holding of the auction on 10 and 11 July 1997, it was necessary to close the contract with the auctioneer, receive and record the proceeds and effect payment to the vendor.

In some systems, a general requirement is found to provide to participating bidders certain basic information about the progress of an auction on an on going basis, such as information that allows bidders to ascertain their current relative rankings, the number of bidders participating in the proceeding, and the time remaining for the reverse auction.

Other measures may be required to be taken to set up an ERA and to ensure that all bidders are capable of participating in an ERA, for instance, through provision of training and holding simulated auctions.

(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.

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

Other pre auction measures

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

(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.

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.

According to economic analysis, there is no difference in results between traditional and reverse auction formats.

Notably, complaints filed by bidders during the auction (the system allows filing those online through the specific e mail service provided on the website) do not suspend the ERA although they must be dealt with by the auctioneer before closing an ERA.

Disclosure of information during the auction

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.

The auctioneer may suspend the ERA until communications are re established with all interested parties or, if more than 10 minutes have elapsed, may postpone the event and set a new date and or time to resume the ERA.

The end of the bidding session may be set electronically or, as in Brazil, if expressly provided in the notice of auction, announced by the auctioneer.

Disconnection of a bidder does not necessarily suspend the process.

The software used for the auction may provide for the closure to be effected electronically or the procuring entity may close the auction, with safeguards in place to avoid the risk of abuse.