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.

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

What collection? The one to be auctioned.

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

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.

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.

(f) At the auction, all lots were sold, raising a gross total of 1.8 million ( 1.6 million net of the auctioneer apos s commission), compared with the 2 million UNPF had estimated it would raise.

AUCTION SALE

At least here is someone worth selling, Your Enormity.

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.

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.

Suspension of auctions

Sale of equipment at auction.

As offers are changed during an electronic reverse auction, this provision is inconsistent with the conduct of an auction.

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

Notice of an ERA is to contain all the details necessary for interested parties to judge whether to participate in the auction.

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.

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.

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.

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

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.

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

(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

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.

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.

For our auction we have some wonderful paintings for you, for a very good cause, the money you give us will be used to buy hearing aids.

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.

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).

(xi) The criteria that shall determine the closure of the auction and

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

A. Pre auction period

The holding of the auction

Pre auction stage

Post auction

Come to the auction tomorrow.

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.

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.

However, by contrast with the Austrian system, in the EU system, all features of the tender, auctionable and non auctionable, are to be evaluated prior to the auction in accordance with their relative weightings.

An auction with such a criterion would be a Model 2 electronic reverse auctions as described in paragraph 33 of A CN.9 WG.I WP.35.

Provisions of the law imply that all criteria not subject to the ERA are to be evaluated prior to the auction.