Preferential Bid Procedure Clause Samples
The Preferential Bid Procedure clause establishes a process by which certain parties, often existing stakeholders or partners, are given the first opportunity to submit a bid for an asset or interest before it is offered to external parties. Typically, this clause outlines the steps for notifying eligible parties, the timeframe for submitting bids, and the criteria for evaluating those bids. Its core function is to protect the interests of preferred parties by granting them a right of first refusal or similar advantage, thereby ensuring they have a fair chance to acquire the asset and preventing unwanted third-party involvement.
Preferential Bid Procedure a. Employees covered hereunder, active or inactive, desiring to express an interest in future vacancies in an existing Bid Area, Classification, or station, other than those listed in C.1, above, may submit an electronic preferential bid at any time. Bids will remain on file until December 31 of the year in which they are submitted. Bids may be withdrawn or modified at any time before they are awarded.
b. A complete listing of Bid Areas, vacancies to be filled, and position qualifications in each station will be posted electronically.
c. Each bid received will be acknowledged and electronically filed in the Preferential Bid file in Craft Seniority order.
d. When an approved vacancy exists, the senior qualified bidder will be offered the vacancy. That employee shall have three (3) working days to respond to the offer. Absent extenuating circumstances, once an employee has been contacted and accepts the preferential bid the employee must report to the new position or lose all bid rights for the next one hundred eighty (180) days. If the employee is contacted and declines the vacancy, the preferential bid will be discarded without penalty to the employee. To reapply the employee must submit a new preferential bid.
e. The results of the bid selection will be electronically posted with a copy being sent to the Union.
Preferential Bid Procedure a. Employees covered hereunder, active or inactive, desiring to express an interest in future vacancies in an existing Bid Area, Classification, or station, other than those listed in C.1, above, may submit an electronic preferential bid at any time. Bids will remain on file until December 31 of the year in which they are submitted. Bids may be withdrawn or modified at any time before they are awarded.
b. A complete listing of Bid Areas, vacancies to be filled, and position qualifications in each station will be posted electronically.
c. Each bid received will be acknowledged and electronically filed in the Preferential Bid file in Craft Seniority order.