Bidding Instructions Clause Samples
The Bidding Instructions clause outlines the procedures and requirements that bidders must follow when submitting their proposals for a project or contract. It typically details the format for submissions, deadlines, required documentation, and any specific criteria that must be met to qualify for consideration. By providing clear guidance on the bidding process, this clause ensures fairness, consistency, and transparency, reducing the risk of disqualified bids due to procedural errors and helping all parties understand the expectations.
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Bidding Instructions. The Servicer shall issue bidding instructions to the attorney or trustee in a foreclosure proceeding in accordance with Prudent Servicing Practices. Where applicable, the Servicer shall incorporate any bidding requirements issued by the respective Primary Mortgage Insurer and/or the respective Pool Insurer. Any proceeds received from an insurance loss settlement shall be included as part of the bid amount. Where a claim or claim settlement under a Hazard Insurance or Flood Insurance policy is pending, the Servicer shall contact the Hazard Insurance or Flood Insurance carrier to verify that the proposed bid will not invalidate the claim, in that, in certain jurisdictions, a bid for the total indebtedness will be considered as satisfaction of the debt and would thus bar the Hazard Insurance or Flood Insurance claim.
Bidding Instructions. Exhibit 1 - Supplier Info, Price and Manufacturer Representation
1. Supplier Name
2. Supplier Part Number 3. Manufacturer Name 4. Manufacturer Part Number 5. Item Description
Bidding Instructions. Sealed bids for properties must be mailed or delivered To: ▇▇▇▇ ▇▇▇▇▇▇, Trustee; ▇▇▇ ▇. ▇▇▇▇▇▇▇ Ave., Ste 5; Missoula, MT 59802. BIDS MUST BE RECEIVED BY MAY 4, 2001. BID MUST BE ACCOMPANIED BY AN ▇▇▇▇▇▇▇ MONEY DEPOSIT BY CHECK OR MONEY ORDER FOR 5% OF THE BID AMOUNT. Upon refusal of the trustee to accept a bid, the ▇▇▇▇▇▇▇ money deposit shall be returned to the bidder. High bidder will be notified by mail. THE TRUSTEE RESERVES THE RIGHT TO REJECT ANY AND ALL BIDS.
Bidding Instructions. (i) The Company may give specific foreclosure sale bidding instructions to the Insured that do not require a minimum bid of less than Fair Market Value, and in accordance with applicable law, provided that the Company will not specify a maximum bid of less than the uninsured Loan amount, and, if the Property will be subject to redemption for less than the outstanding amount owed by the Borrower, the Company will not specify an opening bid of less than the uninsured Loan amount. For this purpose, the uninsured Loan amount shall be the estimated Loss calculated pursuant to Condition Eleven (B), less the percentage thereof payable pursuant to Condition Twelve (A)(2).
(ii) In the absence of specific bidding instructions, the Insured may control the bidding process.
(iii) In the event of either (i) or (ii), above, unless the Company elects in writing prior to the foreclosure sale to purchase the Property, any third- party purchase at foreclosure will be treated as an Approved Sale pursuant to Condition Eight (A) of this Policy.
Bidding Instructions. (a) The Servicer shall issue bidding instructions to the attorney or trustee in a foreclosure proceeding. Where applicable, the Servicer shall incorporate any bidding requirements issued by the respective Primary Mortgage Insurer and/or the respective Pool Insurer. Any proceeds received from an insurance loss settlement shall be included as part of the bid amount. Where a claim or claim settlement under a Hazard Insurance or Flood Insurance policy is pending, the Servicer shall contact the Hazard Insurance or Flood Insurance carrier to verify that the proposed bid will not invalidate the claim, in that, in certain jurisdictions, a bid for the -85- total indebtedness will be considered as satisfaction of the debt and would thus bar the Hazard Insurance or Flood Insurance claim.
(b) The Servicer's bidding instructions to the attorney or trustee in a foreclosure proceeding shall be to enter a bid amount which is the lesser of (i) the total amount of indebtedness, which shall include the Unpaid Principal Balance, unpaid accrued interest up to, and including, the date of the sale (calculated using the interest rate in effect for each payment on the date it became due), any T&I Advances and other servicing Advances including, without limitation, foreclosure costs and any reimbursable property inspection fees or (ii) the fair market value of the related Mortgaged Property established by a current broker's price opinion.
(c) If the Servicer is not able to comply with the bidding instructions outlined in subsection (b) hereof, the Servicer shall request from the Master Servicer an initial bid amount and bidding instructions for the Servicer to follow at the applicable foreclosure sale. In no event shall the bidding instructions from the Master Servicer supersede or invalidate the bidding instructions provided by the respective Primary Mortgage Insurer and/or respective Pool Insurer, where applicable.