Competing Bids Sample Clauses

The Competing Bids clause establishes the procedures and rights of parties when alternative offers or bids are received during a transaction process. Typically, this clause outlines how the seller must notify the original bidder of any competing offers and may grant the original bidder a right to match or exceed the new bid within a specified timeframe. Its core function is to ensure fairness and transparency in competitive bidding situations, protecting both the seller’s ability to seek the best offer and the original bidder’s opportunity to remain in contention.
POPULAR SAMPLE Copied 1 times
Competing Bids. ‌ County may elect to or may be required to solicit and receive bids from third parties to perform services that Supplier may be capable of performing as Optional Work. Notwithstanding anything to the contrary in this Section 2.12 (Optional Work), County may require Supplier to submit its Optional Work proposal in the form or format specified for such solicitation. If County elects to contract with a third party for services that Supplier may have performed as Optional Work, (A) such Optional Work shall not be deemed “Services” under the provisions of this Agreement, and (B) Supplier shall cooperate with such third party as provided in Section 6 (Relationship Management) of this Agreement.
View Source
Competing Bids. If this agreement is the first agreement the Seller has accepted regarding the subject property, the Seller, subject to court approval, hereby agrees that the Buyer may match the proposed purchase price of any third party offer. In order to bring this paragraph into effect, Buyer must notify the Seller within 24 hours of receipt from the Seller of written notice of the third party’s offer. The Buyer’s notice shall be in writing and state that the Buyer needs to meet or exceed the third party’s price and other terms. Price increases must be in increments of not less than one percent of the original offer. If an offer is received within 24 hours of the court hearing date, the court may have the proposed purchasers submit in writing their last, highest, and best offers at or following the hearing to approve the sale.
View SourceView Similar (3)
Competing Bids. This Agreement is subject to approval by the Bankruptcy Court and the consideration by Sellers of competing offers (each a “Competing Bid”). From the date hereof (and any prior time) and until the deadline contained in the Procedures Order for the submission of a Competing Bid, Sellers are permitted to cause its representatives and Affiliates to initiate contact with, solicit or encourage submission of any inquiries, proposals or offers by, any Person (in addition to Purchaser and its Affiliates, agents and representatives) in connection with any sale or other disposition of any or all of the Purchased Assets or any other form of Alternative Transaction. In addition, Sellers shall be permitted in accordance with the Procedures Order to respond to any inquiries or offers to purchase all or any part of the Purchased Assets and perform any and all other acts related thereto which are required or permitted under the Bankruptcy Code or other applicable Law, including, without limitation, supplying information relating to the business and the assets of Sellers to prospective purchasers.
View SourceView Similar (2)
Competing Bids. This Agreement and the transactions contemplated hereby are subject to Sellers’ right and ability to consider the higher or better competing bids with respect to the Business and the Purchased Assets in accordance with the Procedures Order. In furtherance thereof, Seller shall have the right to, and may cause its Representatives and Affiliates to, (a) initiate contact with, solicit or encourage submission of any inquiries, proposals, offers or bids by, and negotiate with, any Person (in addition to Buyer and its Affiliates) in connection with any sale or other disposition of the Purchased Assets and (b) respond to any request for information or due diligence inquiry, or make management available for such purposes, to any such Person.
View SourceView Similar (2)
Competing Bids. (a) On or before August 7, 1998 (the "Bidding Deadline"), third parties may submit proposals for Competing Transactions ("Competing Bids"), which proposals shall be delivered to such Seller and such other parties as may be specified in the Procedures Order. In order for any Seller to consider any Competing Bid, the Competing Bid must be: (i) in writing; (ii) identical in all material respects to the terms set forth in this Agreement (except that no other Person shall be entitled to the Purchaser's Liquidated Damages or to the expense reimbursement provided for in Section 6.05), the Ancillary Agreements and the Master Lease; (iii) accompanied by a deposit in cash or collected funds in the amount of $5,000,000 to be held by Seller; (iv) accompanied by evidence satisfactory to Seller, in its sole discretion that the bidder has sufficient financial resources to complete the transactions contemplated by this Agreement; and (v) reflect a cash purchase price of at least $178,000,000. If more than one Competing Bid is made before the Bidding Deadline, Sellers shall determine the Competing Bid that provides the greatest value to, and is in the best interests of the estate, which bid shall be the "Qualifying Competing Bid" for purposes of clauses (b) and (c) below. (b) Within five (5) calendar days after the Bidding Deadline, MobileMedia Communications on behalf of Sellers will promptly notify Purchaser and shall indicate in such notice the terms of the Qualifying Competing Bid, including the identity of the third party submitting the Qualifying Competing Bid (the "Qualifying Competing Bidder") and the consideration offered by the Qualifying Competing Bidder (a "Competing Bid Notice"). Upon delivery of a Competing Bid Notice, Purchaser shall have the right (a "Topping Right") to deliver to Sellers, within [five (5)] calendar days following the receipt by Purchaser of such Competing Bid Notice, a written offer (a "Topping Offer") to amend the terms of this Agreement in order to provide for a Purchase Price exceeding the Qualifying Competing Bid. A Topping Offer shall exceed the Qualifying Competing Bid by a minimum of $500,000. (c) In the event that Purchaser exercises such Topping Right, Sellers shall disclose such Topping Offer to the Qualifying Competing Bidder and, within three (3) calendar days following receipt by Sellers of Purchaser's notice of Topping Offer, Purchaser and Sellers shall enter into an amendment to this Agreement to reflect Sellers' acceptance ...
View SourceView Similar (2)
Competing Bids. A “competing bid” shall mean a bid from a third party made public during the validity period of another bid. If the previous bid is not revoked or amended after the competing bid is made, the validity period of the former shall be extended to accord with that of the competing bid. If a competing bid is made, shareholders who have accepted a conditional voluntary bid, cf. paragraph 4 of Article 101, may withdraw their acceptance at any time during the bid validity period if the offeror has not publicly announced, before the proposed competing bid is announced, that the offeror has waived all the conditions set in the bid or that all conditions have been met.
View Source
Competing Bids. The Sellers shall not have received any higher or better offers at the Bankruptcy Court hearing (the "Hearing") on the approval of the Sale; provided, however, that any bids submitted at the Hearing must be made subject to bidding procedures approved by Order of the Bankruptcy Court (the "Bidding Procedures").
View Source
Competing Bids. This Agreement and the transactions contemplated hereby are subject to the Sellers’ right and ability to consider higher or better competing bids with respect to the Business and the Purchased Assets pursuant to the Bid Procedures, as approved by the Bid Procedures Order. In accordance with the Bid Procedures, until the conclusion of the Auction, the Sellers shall have the right to, and may cause their Representatives and Affiliates to, (a) initiate contact with, solicit or encourage submission of any inquiries, proposals, offers or bids by, and negotiate with, any Person (in addition to the Purchaser and its Affiliates and Representatives) in connection with any sale or other disposition of the Purchased Assets or any Alternative Transaction; (b) respond to any request for information or due diligence inquiry, or make management available for such purposes, to any such Person; and (c) furnish any information with respect to, or assist or participate in, or facilitate in any other manner, any effort or attempt by any Person to do or seek to do any of the foregoing.
View Source

Related to Competing Bids

  • Competing Business “Competing Business” means any depository, wealth management or trust business company or holding company thereof (including without limitation, any start-up bank or bank in formation) operating anywhere within the Covered Area.

  • Competitive Bid Procedure (a) Subject to the terms and conditions set forth herein, from time to time during the Availability Period any Borrower may request Competitive Bids for Competitive Loans in US Dollars and may (but shall not have any obligation to) accept Competitive Bids and borrow Competitive Loans; provided that the aggregate Exposures at any time shall not exceed the aggregate Commitments. To request Competitive Bids, the Company or the applicable Borrower shall notify the Administrative Agent of such request by telephone (i) in the case of a Eurocurrency Competitive Borrowing, not later than 10:00 a.m., New York City time, four Business Days before the date of the proposed Competitive Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 12:00 noon, New York City time, one Business Day before the date of the proposed Competitive Borrowing. Not more than three Competitive Bid Requests may be submitted on the same day. Each telephonic Competitive Bid Request shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Competitive Bid Request in a form approved by the Administrative Agent and signed by the Company. Each such telephonic and written Competitive Bid Request shall specify the following information in compliance with Section 2.02: (i) the Borrower requesting the Competitive Bid and the aggregate amount of the requested Borrowing; (ii) the date of such Borrowing, which shall be a Business Day; (iii) whether such Borrowing is to be a Eurocurrency Borrowing or a Fixed Rate Borrowing; (iv) the Interest Period to be applicable to such Borrowing, which shall be a period contemplated by the definition of the term “Interest Period”; and (v) the location and number of the Company’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.05. Promptly following receipt of a Competitive Bid Request in accordance with this Section, the Administrative Agent shall notify the Lenders of the details thereof by telecopy, inviting the Lenders to submit Competitive Bids. (b) Each Lender may (but shall not have any obligation to) make one or more Competitive Bids to the Company in response to a Competitive Bid Request. Each Competitive Bid by a Lender must be in a form approved by the Administrative Agent and must be received by the Administrative Agent by telecopy, (i) in the case of a Eurocurrency Competitive Borrowing, not later than 12:00 noon, New York City time, four Business Days before the date of the proposed Competitive Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 9:30 a.m., New York City time, on the date of the proposed Competitive Borrowing. Competitive Bids that do not conform to the form approved by the Administrative Agent may be rejected by the Administrative Agent, and the Administrative Agent shall notify the applicable Lender as promptly as practicable. Each Competitive Bid shall specify (i) the principal amount (which may equal the entire principal amount of the Competitive Borrowing requested by the Company) of the Competitive Loan or Loans that the Lender is willing to make, (ii) the Competitive Bid Rate or Rates at which the Lender is prepared to make such Loan or Loans (expressed as a percentage rate per annum in the form of a decimal to no more than four decimal places) and (iii) the Interest Period applicable to each such Loan and the last day thereof. (c) The Administrative Agent shall promptly notify the Company by telecopy of the Competitive Bid Rate and the principal amount specified in each Competitive Bid and the identity of the Lender that shall have made such Competitive Bid. (d) Subject only to the provisions of this paragraph, the applicable Borrower may accept or reject any Competitive Bid. The Borrower shall notify the Administrative Agent by telephone, confirmed by telecopy in a form approved by the Administrative Agent, whether and to what extent it has decided to accept or reject each Competitive Bid, (i) in the case of a Eurocurrency Competitive Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Competitive Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 10:30 a.m., New York City time, on the date of the proposed Competitive Borrowing; provided that (i) the failure of the Borrower to give such notice shall be deemed to be a rejection of each Competitive Bid, (ii) the Borrower shall not accept a Competitive Bid made at a particular Competitive Bid Rate if such Borrower rejects a Competitive Bid made at a lower Competitive Bid Rate, (iii) the aggregate amount of the Competitive Bids accepted by the Borrower shall not exceed the aggregate amount of the requested Competitive Borrowing specified in the related Competitive Bid Request and (iv) to the extent necessary to comply with clause (iii) above, the Borrower may accept Competitive Bids at the same Competitive Bid Rate in part, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata in accordance with the amount of each such Competitive Bid; provided further that in calculating the pro rata allocation of acceptances of portions of multiple Competitive Bids at a particular Competitive Bid Rate pursuant to clause (iv) the amounts shall be rounded to integral multiples of the Borrowing Multiple in a manner determined by the Borrower. A notice given by the Borrower pursuant to this paragraph shall be irrevocable. (e) The Administrative Agent shall promptly notify each bidding Lender by telecopy whether or not its Competitive Bid has been accepted (and, if so, the amount and Competitive Bid Rate so accepted), and each successful bidder will thereupon become bound, subject to the terms and conditions hereof, to make the Competitive Loan in respect of which its Competitive Bid has been accepted. (f) If the Administrative Agent or one of its Affiliates shall elect to submit a Competitive Bid in its capacity as a Lender, it shall submit such Competitive Bid directly to the applicable Borrower at least one quarter of an hour earlier than the time by which the other Lenders are required to submit their Competitive Bids to the Administrative Agent pursuant to paragraph (b) of this Section.

  • JOB BIDDING Section 1. All job vacancies will be posted as follows: a.) The position will be posted on Kaleidascope for seven (7) calendar days. b.) The posting shall include the position (job title), posting dates, status, hours per pay period, shift, starting and ending times, pay grade and the qualifications for the position as defined in the job description for the position. A copy of all job postings will be sent to the Union. c.) Employees may not be accepted for posted positions until they have completed six (6) months of employment. In addition, an employee who has transferred to a position must remain in that position for six (6) months before applying for another posted position. Except that an employee may apply for a posted position which is at a higher pay grade without regard to the six (6) month limit. This paragraph shall not apply to intra cost center shift change or intra cost center status changes. Section 2. Posted positions shall be filled by the most senior qualified applicant from within the bargaining unit. If the position cannot be filled from within the bargaining unit, the Employer may fill the position from any source available to the Employer, provided the candidate meets all of the qualifications for hiring into that position. In all instances, the appropriate manager is responsible for the interview and selection of applicants within fourteen (14) days of the end of the posting. Section 3. A qualified applicant shall be defined as an employee who possesses the entry level qualifications in the job description and is able to do the work when required. Ability to do the work and documented performance, inclusive of disciplinary record, may be considered when awarding a position. The Employer will notify all applicants of the result of their bid in a timely manner not to exceed two (2) weeks from the date the position is awarded. Section 4. A successful bidder shall be required to serve a sixty (60) calendar day trial period exclusive of any classroom training required. At the midpoint of the trial period the employee shall be evaluated and given written notification if a problem exists. During the trial period, the employee will be returned to his/her original position if the employee elects to be returned or the Employer finds the employee is unsatisfactory in the new position.

  • Competitive Business “Competitive Business” shall mean an enterprise that is in the business of offering banking products and/or services, which services and/or products are similar or substantially identical to those offered by the Bank during Executive’s employment with the Bank.

  • Competitive Terms If the Customer is able to obtain from any Sub-Contractor or any other third party more favourable commercial terms with respect to the supply of any materials, equipment, software, goods or services used by the Supplier or the Supplier Personnel in the supply of the Goods and/or Services, then the Customer may: require the Supplier to replace its existing commercial terms with its Sub-Contractor with the more favourable commercial terms obtained by the Customer in respect of the relevant item; or subject to Clause 29.4 (Termination of Sub-Contracts), enter into a direct agreement with that Sub-Contractor or third party in respect of the relevant item. If the Customer exercises the option pursuant to Clause 29.5.1, then the Call Off Contract Charges shall be reduced by an amount that is agreed in accordance with the Variation Procedure. The Customer's right to enter into a direct agreement for the supply of the relevant items is subject to: the Customer making the relevant item available to the Supplier where this is necessary for the Supplier to provide the Goods and/or Services; and any reduction in the Call Off Contract Charges taking into account any unavoidable costs payable by the Supplier in respect of the substituted item, including in respect of any licence fees or early termination charges.