Common use of Competing Bids Clause in Contracts

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.