Get the free Sealed Bid Sales Initiation Form

City of Chicago Department of Planning and Development Real Estate Division 121 North Basally Street City Hall, Room 1003 Chicago, Illinois 60602 Phone (312) 744LAND (5263) Fax (312) 7445826SALES

How to fill out sealed bid sales initiation

How to fill out sealed bid sales initiation

1. Step 1: Gather all necessary information about the item or property being sold.
2. Step 2: Determine the minimum bid or reserve price for the item.
3. Step 3: Prepare the bid documents, including a description of the item, terms and conditions of the sale, and any special instructions.
4. Step 4: Create a bid submission form, which should include space for bidder's name, contact information, bid amount, and signature.
5. Step 5: Set a deadline for bid submissions and clearly communicate it to potential bidders.
6. Step 6: Advertise the sealed bid sale to attract potential buyers.
7. Step 7: Accept bid submissions by the deadline and keep them sealed until the designated opening time.
8. Step 8: Open the bids in the presence of at least two witnesses and record each bid amount.
9. Step 9: Evaluate the bids based on the criteria outlined in the bid documents and determine the winning bidder.
10. Step 10: Notify the winning bidder and arrange for payment and transfer of the item or property.

Who needs sealed bid sales initiation?

1. Sealed bid sales initiation is used by individuals, businesses, organizations, or government agencies who wish to sell an item or property to the highest bidder.
2. It is commonly used in real estate sales, government procurement, and high-value asset sales.
3. Sealed bid sales can help ensure fair and transparent bidding processes and may be required for legal or regulatory reasons.

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What is sealed bid sales initiation?

Sealed bid sales initiation is a process where a seller solicits bids from potential buyers in a sealed format, ensuring confidentiality and competitive pricing.

Who is required to file sealed bid sales initiation?

Typically, sellers who want to dispose of assets or properties through a competitive bidding process are required to file sealed bid sales initiation.

How to fill out sealed bid sales initiation?

To fill out a sealed bid sales initiation, provide detailed information about the item or property being sold, the bidding process details, and any specific terms and conditions.

What is the purpose of sealed bid sales initiation?

The purpose of sealed bid sales initiation is to create a fair and competitive environment for buyers while ensuring that the seller receives the best possible price.

What information must be reported on sealed bid sales initiation?

Information that must be reported includes the description of the item or property, starting bid price, bidding instructions, deadline for submission, and the seller's contact information.