THE BIDDING. 6.1 Each new bid shall not be less than the immediately preceding bid. 6.2 All increments in the bids shall be not less than the incremental amount as fixed by the Auctioneer at the Auction Sale. 6.3 The Auctioneer shall have the right to refuse any bid. 6.4 A bid once made shall not be withdrawn. 6.5 If any dispute should arise as to any bidding, the Property shall at the option of the Auctioneer be put up again for sale at the last undisputed bidding price and the Auctioneer shall at the Auction Sale decide on the dispute and such decision by Auctioneer shall be final. 6.6 Subject to the Reserve Price, the highest bidder for the Property at the Auction Sale shall be declared by the Auctioneer to be the purchaser (`the Purchaser’). 6.7 Each bid will be called for 3 times, “Calling Once, “Calling Twice”, “Last Call”. Bidders may submit their bid at any of these stages of bidding. 6.8 When system displays “SOLD”, no further bids will be accepted by the Auctioneer, through the Auctioneer’s website. 6.9 The bidder with the highest bid shall be declared as successful bidder upon the fall of hammer.
Appears in 30 contracts
Samples: Property Sale Agreement, Facility Agreement, Facilities Agreement and Assignment of Sale and Purchase Agreement
