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This document outlines the terms and conditions for bidding on surplus property items through a silent auction, including bidding details, pickup information, and requirements for bid submission.
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How to fill out silent auction surplus property
How to fill out Silent Auction Surplus Property Bidding
01
Obtain the Silent Auction Surplus Property Bidding form from the designated source.
02
Read the instructions carefully to understand the rules and requirements.
03
Fill in your personal information, including name, address, and contact details.
04
List the items you are bidding on, including their corresponding item numbers.
05
Indicate your bid amount for each item you wish to bid on.
06
Review your bid amounts to ensure they meet the minimum requirements specified.
07
Sign and date the form to authenticate your bids.
08
Submit the completed form by the specified deadline.
Who needs Silent Auction Surplus Property Bidding?
01
Individuals looking to purchase surplus property at auction.
02
Organizations seeking to acquire assets from government or other surplus auctions.
03
Bidders interested in obtaining items at potentially lower prices.
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People Also Ask about
What is shill bidding in English auction?
Shill bidding is an age-old problem in traditional English auctions. Shill bidding is intentional bidding by the seller to drive up the price of his/her own item that is up for bid. This is accomplished by the seller himself or by someone colluded with the seller.
How common is shill bidding?
Shill bidding has been identified as one of the most common types of e-auction fraud by the Internet Fraud Complaint Center (IFCC), a part- nership between the Federal Bureau of Investigation (FBI) and the National White Collar Crime Center (NW3C) (The Internet Fraud Complaint Center 2001).
What is the English auction type pricing?
An English auction (also called direct or open) is a type of auction, before the start of which a certain minimum price per lot is set, which is then raised step by step by the participants during the rounds of the auction. All bets are open and known to all participants.
What are the four types of auctions?
He established four major (one-sided) auction types: (1) the ascending-bid (open, oral, or English) auction; (2) the descending-bid (Dutch) auction; (3) the first-price, sealed-bid auction; and (4) the second-price, sealed-bid (Vickrey) auction.
How does shill bidding work?
There is an increasing concern over shill bidding in Internet auctions. Shill bidding (or shilling) occurs when the seller of an item poses as a bidder and submits bids in an auction in an effort to raise its price. Auction sites spend large amounts of money to prevent this activity.
What is the difference between Dutch auction and English auction?
The Dutch auction is like an English auction, except that prices start high and are successively dropped until a bidder accepts the going price, at which point the auction ends. The Dutch auction is so-named because it is used to sell cut flowers in Holland.
What are the consequences of shill bidding?
Shill bidding is harmful to buyers, because they end up paying artificially inflated prices for items. In addition, it indirectly harms other sellers by making it incorrectly appear that there is a stronger demand for one seller's product than that of the competition.
What is the starting bid for a silent auction?
Not sure how to price silent auction items? Estimate and list the fair market value (FMV) for each item. Any money paid over that is considered a charitable contribution and is tax-deductible. Set each item's starting bid at approximately 30-50% of its FMV.
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What is Silent Auction Surplus Property Bidding?
Silent Auction Surplus Property Bidding is a process where surplus property is auctioned off to the highest bidder without the use of an audible auctioneer. Bidders submit written bids in secret, and the highest bid at the end of the bidding period wins the item.
Who is required to file Silent Auction Surplus Property Bidding?
Typically, organizations or government entities that have surplus property and wish to auction it off are required to file for Silent Auction Surplus Property Bidding. Individuals looking to bid may need to register to participate.
How to fill out Silent Auction Surplus Property Bidding?
To fill out Silent Auction Surplus Property Bidding, participants need to provide their contact information, the item number of the property they wish to bid on, and their bid amount. It's important to follow the specific guidelines provided by the auction organizer.
What is the purpose of Silent Auction Surplus Property Bidding?
The purpose of Silent Auction Surplus Property Bidding is to efficiently sell surplus property, generate revenue for the organization, and promote transparency in the disposal of public assets.
What information must be reported on Silent Auction Surplus Property Bidding?
The information that must be reported includes the item description, initial bid amount, bidder's information, bid increments, and the deadline for submitting bids.
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