THE BIDDERS Sample Clauses
The "THE BIDDERS" clause defines who is eligible to participate in a bidding process, typically outlining the qualifications, requirements, or criteria that entities must meet to submit a bid. This may include stipulations such as legal status, financial stability, prior experience, or compliance with specific regulations. By clearly identifying and setting standards for bidders, the clause ensures that only suitable and qualified parties are considered, thereby promoting fairness and efficiency in the selection process.
THE BIDDERS. 3.1 All intending bidders (Site Bidding) shall be required to verify their identities by producing for inspection by the Auctioneer their identity cards prior to the commencement of the auction sale, failing which they shall not be entitled to participate in the bidding.
3.2 All Online Bidder shall be required to follow the requirement as per the Online Terms and Conditions of Sale prior to the commencement of the auction vide online, failing which they shall not be entitled to participate in the bidding.
3.3 In the event that Auctioneer in his absolute discretion so request, the intending bidders shall deposit with the Auctioneer a photocopy of their respective identity cards.
3.4 In the event that an intending bidder is bidding at the auction sale on behalf of another party, such intending bidder (“The Agent”) shall be deemed to be an agent of the party for whom he/she is bidding the property for.
3.5 Prior to the commencement of the auction sale the agent shall disclose to the Auctioneer that he/she will be bidding the property in his capacity as an agent for the principal. The agent shall further prior to the commencement of the auction sale disclose to the Auctioneer the identity of the principal.
3.6 The agent shall deposit with the Auctioneer prior to the auction sale such instrument of authority from the principal authorizing the agent to bid at the auction sale. The Auctioneer shall have the absolute discretion to determine whether the instrument of authority is acceptable to the Auctioneer to permit the agent to bid at the auction sale. The decision of the Auctioneer in this respect shall be final.
3.7 A person who has not reached the age of majority as defined under the Age of Majority Act 1971 (Act 21), which is eighteen (18) years of age at the date of the auction sale or a bankrupt shall not be permitted to bid in his personal capacity or act as an agent of the principal at the auction sale.
3.8 In the event a bankrupt bids or acts as agent in relation to the sale of the property, the Bidding Deposit or Purchaser Deposit, as the case may be, shall be forfeited by MBSB BANK BERHAD and the property may be put up for sale again at a date to be fixed by MBSB BANK BERHAD.
3.9 Where the bidder is a foreigner or a foreign controlled company, it shall be the bidder’s duty to ensure that the bidder is permitted by the prevailing laws, regulation and guidelines to purchase the Property. All applications for approvals by such foreign bidder shall be at ...
THE BIDDERS. Participants have to submit the RFP in hardcopy format in original with proper page numbering and index