1. Subject vehicle shall be offered for bidding on “AS IS WHERE IS” basis.
2. Bidders may inspect the vehicle at the designated place prior to submission of bid.
3. The bid shall be accompanied by a cash bond equivalent to 5% of the minimum bid or P5,000.00 whichever is higher.
4. The bidder concerned shall initialled any erasure or corrections in the entry. Unsigned bid shall be a ground for disqualification.
5. In an event of a tie, FGEN shall re-bid the subject vehicle, this time only to the highest bidders who submitted the same amount of bids.
6. The winning bidder shall be notified in writing or through telephone. Storage fees and all expenses for its pull out shall be for the account of the winning bidder (fees shall be settled to the corresponding shop prior to its pull out).
7. FGEN reserves the right to forfeit in its favor, the cash bond, should the winning bidder fails to pay the balance of his bid within two(2) working days after the award is made.
8. FGEN reserves the right to reject any or all bids if the highest bidder falls short of the minimum valuation of the vehicle or if the bid is not in accordance with the foregoing terms and conditions or if the interest of the Company so demands, in which case FGEN may or may not resort to a new bid.