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2 systems ofAuction Sale

Sealed Bid System

Clustering System

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Sealed Bid System- Shall be submitted and

opened in public by the auctioncommittee at a time, date and placespecied by in the notice of auctionsale.

- The highest bid shall bedeclared as the inner, e!cept henclustering occurs.

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Clustering System

- occurs hen at least 2 of the sealed bidssubmitted in an auction sale ithin "#$ of thehighest bid and these are abo%e the &oor price.

- the cluster shall immediately go into an

open bidding ith the highest sealed bid ser%ing asthe ne &oor price of the particular being sold.

- in the open bidding, the highest o'er shallbe declared as the inning bid, pro%ided the same

is at least ($ more than the)e &oor price, less than that, the highest bid inthe sealed bidding shall be considered as theinner.

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*rder of payment of charges fromthe proceeds of sale

+!penses of appraisal, ad%ertisement of sale

uties e!cept in the case of abandoned andforfeited articles

Ta!es and other charges due thego%ernment

o%ernment storage charges

Arrastre and pri%ate storage charges

reight, /ighterage or general a%erage, onthe %oyage of importation, of hich duenotice shall be gi%en to the collector

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0f the oner fail to claim

surplus of proceeds

The collector shall deposit the

amount in a special trust fundhich shall be used solely for thepurpose of nancing the

compulsory ac1uisition ofimported goods by thego%ernment as pro%ided in Sec.

2"(.

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Circumstances that constitutes a

failed bidding at the close of the opening of the

submission of sealed bids, higher

than the &oor price number is lessthan 2

at the time of the opening of thesealed bids, the number of sealed bidsubmitted is less than 2

the inning bidders fails to pay theinitial or nal payment ithin thedeadlines prescribed.

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*rder of disposition of unsold goods

after a second led bidding )egotiated sale

onation

3e-e!portation pursuant to Sec.26"# of TCC4

*5cial use of the B*C or by the

)ational o%ernment to Sec. 26"# ofthe TCC4

Such other mode of disposition

under e!isting las

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*ur Stand against the %iolation the

former president oseph +strada

*ur stand as a group about it is that,

it as truly a %iolation made by theformer president of the Sec. 6#2 andSec. 26"# of the TCC4 as he ga%e the72 lu!ury cars to his cabinetmembers here in fact, he doesn8tha%e poer to do such thing as itas the poer solely of the B*C

o%er sei9ure and forfeited articles.

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By:

Anna ;ae