Mock Auction Clause Samples

A Mock Auction clause prohibits the practice of bidding at an auction without the genuine intention to purchase the item, or for the purpose of artificially inflating the price. In practical terms, this clause applies to both sellers and bidders, ensuring that all parties act in good faith and that bids reflect true market interest. By preventing sham bidding and collusion, the clause upholds the integrity of the auction process and protects participants from manipulative or deceptive practices.
Mock Auction. BOEM will hold a Mock Auction on October 24, 2024, beginning at 9:00 a.m. EDT, which is open only to qualified bidders who have met the requirements and deadlines for auction participation, including submission of the bid deposit. The Mock Auction is intended to give bidders an opportunity to clarify auction rules, test the functionality of the auction software, and identify any potential issues that may arise during the auction.
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Mock Auction. From time to time, Exhaustless may choose to offer new and/or updated features of the Service (the “Mock Auction Features”) as part of a testing program (the “Program”) for the purpose of providing Exhaustless with feedback on the quality and usability of the Auction Features. Licensee understands and agrees that their participation in the Program is voluntary and does not create a legal partnership, agency, or employment relationship between licensee and Exhaustless, and that Exhaustless is not obligated to provide licensee with any Auction Features. Exhaustless may make such Mock Auction Features available to auction participants by online registration or enrollment via the Service. Licensee understands and agrees that Exhaustless may collect and use information from their Mock Auction Account, devices and peripherals in order to enroll licensee in the Program and/or determine licensee’s eligibility to participate. Licensee’s use of the Mock Auction Features and participation in the Program is governed by this Agreement. Licensee acknowledge that Exhaustless has no obligation to provide a commercial version of the Mock Auction Features, and that should such a commercial version be made available, it may have features or functionality different than that contained in the Mock Auctioni Features. As part of the Program, Exhaustless will provide licensee with the opportunity to submit comments, suggestions, or other feedback regarding their use of the Mock Auction Features. Licensee agrees that in the absence of a separate written agreement to the contrary, Exhaustless will be free to use any feedback licensee provides for any purpose.
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Mock Auction. BOEM will hold a mock auction that is open only to qualified bidders who have met the requirements and deadlines for auction participation, including submission of the bid deposit. The mock auction is intended to give bidders an opportunity to clarify auction rules, test the functionality of the auction software, and identify any potential issues that may arise during the auction. Final details of the mock auction will be provided in the FSN.
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Mock Auction. BOEM will hold a Mock Auction on August 12, 2024, beginning at 9:00 a.m. EDT, which is open only to qualified bidders who have met the requirements and deadlines for auction participation, including submission of the bid deposit. The Mock Auction is intended to give bidders an opportunity to clarify auction rules, test the functionality of the auction software, and identify any potential issues that may arise during the auction.
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Related to Mock Auction

  • BEFORE AUCTION 4.1 All intended bidder can access to the ESZAM AUCTIONEER SDN BHD website to download the Proclamation of Sale (POS) & Conditions of Sale (COS). By proceeding with E-bidding with ESZAM AUCTIONEER SDN BHD, the E-bidders’ have agreed and accepted the ESZAM AUCTIONEER SDN BHD terms and conditions. Any bid by registered E-bidder shall not be withdrawn once entered. 4.2 All intended bidders can choose either to attend the auction physically (On-site bidder) or by E-bidding. For E-bidding, they can bid online from any places as long as the E-bidder has the device and good internet connection to log in to our ESZAM AUCTIONEER SDN BHD website and click on eZ2Bid button. 4.3 The E-bidder will receive the Bidding Code one (1) day before auction date and link to bid online via email and SMS once ESZAM AUCTIONEER SDN BHD receiving of the deposit.

  • AFTER AUCTION 6.1 Any successful E-bidders shall and undertake to sign the Contract of Sale within three (3) working days. 6.2 The Auctioneer shall send the Contract of Sale for stamping and thereafter forward the same together with the deposit paid to the Assignee/Bank. 6.3 For stamping of 5 contracts, the successful E-bidders shall transfer RM100.00 to the ESZAM AUCTIONEER SDN BHD bank account or pay by cash when signing the Contract of Sale within two (2) working days from the Auction day.

  • The Auction Section 2.01. Purpose: Incorporation by Reference of Auction Procedures and Settlement Procedures....

  • POST PUBLIC AUCTION 10.1. Successful E-Bidder are advised to sign the “Memorandum of Contract” and pay the 10% differential sum within 3 working days by attending to the Auctioneer’s office from the date of auction. Failing to do so will result in the 10% deposit to be forfeited to the Assignee/Bank and the auction shall be deemed cancelled. 10.2. Successful E-Bidder who are unable to sign the “Memorandum of Contract” at the Auctioneer’s office can authorize their agent to execute the procedure by submitting the following documents to the Auctioneer. 10.2.1. Copy of the agent’s Identity Documents (both sides) 10.2.2. Copy of the successful E-Bidder’s Identity Documents (both sides) 10.2.3. Copy of the Letter of Authorization (for individual) or certified true copy of the Board of Director’s Resolution (for company) authorizing such person to do so. 10.3. In the event of inconsistency in the details of the documents uploaded in the Auctioneer’s website and the actual documents of the successful E-Bidder, the Auctioneer has the right to cancel and terminate the sale and the 10% deposit shall be forfeited by the Assignee/Bank. The property shall be put up for sale again. 10.4. The “Memorandum of Contract” that is signed and stamped shall be collected by the successful E-Bidder or his agent at the Auctioneer office within seven (7) days after notification from the Auctioneer. If the E-Bidder fails to collect as aforesaid, the “Memorandum of Contract” shall be delivered by courier to the address of the successful E-Bidder and the Auctioneer shall be not responsible for the cost, expenses and loss arising thereof. 10.5. Balance of purchase price shall be settled within ninety (90) days from the date of auction sale by the successful E-Bidder

  • Prior To The Auction Sale a. The Assignee reserves the absolute right at any time to vary, alter, amend or add to the particulars and/or these Conditions of Sale. b. The bidders shall register as E-Bidders (as defined in the Auctioneer’s Online Terms and Conditions) and comply with all the requirements as provided in the Auctioneer’s Online Terms and Conditions. c. All intending bidders shall be required to scan and upload the following document(s) to the Auctioneer’s Website in order to verify their identities during the registration stage as the “E-Bidders”,: (i) For individual bidders, a color copy of their identity cards (front and back); or (ii) For non-individual bidders, certified copies of the Form 24; Form 44; Form 49 (or its equivalent forms under the Companies Act 2016); Memorandum and Articles of Association/Constitution of the bidders in compliance with Companies Act 2016 and a duly signed Board of Directors’ Resolution) failing which they shall not be entitled to bid. d. Any person intending to bid on behalf of another individual, company, society, firm or body corporate shall upload / fax / e-mail the following documents to the Auctioneer’s Website / Auctioneer prior to the auction, the following documents: (i) an authority letter signed by the principal on whose behalf the bidder is bidding and containing the principal’s full name, identity and address and stating that he/she is acting on behalf of the said individual, company, society, firm or body corporate and is authorised to sign all the necessary documents (“Letter of Authority”); and (ii) for individual, a colour copy of the principal’s NRIC (front and back); or (iii) for non-individual, certified copies of the Form 24; Form 44; Form 49 (or its equivalent forms under the Companies Act 2016); Memorandum and Articles of Association/Constitution of the company in compliance with Companies Act 2016 and a duly signed Board of Directors’ Resolution) of the principal failing which the bidder shall be deemed to contract in his own name and not as an agent for another. e. All intending bidders (with the exception of the Assignee) shall deposit with the Auctioneer a sum equivalent to 10% of the fixed reserve price for the Property by way of bank draft or cashier’s order crossed “A/C PAYEE ONLY” made payable to HONG ▇▇▇▇▇ BANK BERHAD/RATU ERAT HOLDINGS SDN BHD or remit the same through online banking transfer to the bank account designated by the Auctioneer, ONE (1)