Common use of BIDDING DEPOSIT Clause in Contracts

BIDDING DEPOSIT. 3.1 Prior to the commencement of the Auction Sale, all persons or parties intending to bid for the Property at the Auction Sale shall deposit 15 minutes prior to the auction sale with the Auctioneer a valid bank draft or cashier’s order drawn in favour of the Bank for a sum equivalent to ten per centum (10%) of the Reserve Price or any sum exceeding 10% of the purchase price or a minimum of RM2,500.00 whichever is higher (“the Bidding Deposit”). 3.2 The Auction Sale shall be deemed to have commenced upon being so declared by the Auctioneer. 3.3 Any party failing to deposit the Bidding Deposit with the Auctioneer within the time and in the manner specified in paragraph 3.1 hereto shall not be permitted to participate in the bidding at the Auction Sale. 3.4 Notwithstanding anything herein stated the Bank shall be permitted to bid at the Auction Sale without having to deposit with the Auctioneer the Bidding Deposit.