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Lot # item description quantity condition minimum bid - Western

Lot # item description quantity condition minimum bid - Western 2025

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The document outlines the rules and procedures for participating in the WKU Silent Auction held in August 2012. It details how to place bids, deadlines for submission, payment methods, and conditions of items sold as-is. Additionally, it includes a waiver agreement for bidders regarding liability and item condition. The auction features various items available for bidding, with specified minimum bids.

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Click ‘Get Form’ to open it in the editor.
Begin by filling in the 'LOT #' field with the specific lot number you are bidding on. This helps identify the item clearly.
In the 'ITEM DESCRIPTION' section, provide a brief yet detailed description of the item. Be concise but informative to ensure clarity.
Next, enter the 'QUANTITY' of items you wish to bid on. If there are multiple units available, specify how many you want.
Indicate the 'CONDITION' of the item as per your assessment (e.g., Acceptable, Good, Fair). This is crucial for transparency.
Finally, set your 'MINIMUM BID' amount. Ensure this reflects your willingness to pay while adhering to auction guidelines.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is the minimum bid quantity?

Minimum bid quantity is the minimum number of items for which suppliers must submit a bid. Quantities below this number are not accepted by the system. Maximum bid quantity is the maximum number of items for which suppliers can submit a bid. Quantities above this number are not accepted by the system.

What are the two types of bidding?

There are two types of bidding in procurement: open or competitive bidding, and closed (sealed) or noncompetitive bidding. Competitive bidding takes place usually through the RFx process, which is detailed below. In contrast, some companies will also use noncompetitive bidding.

What is the minimum acceptable bid?

Minimum Bid: This is the minimum acceptable price set by the seller. Its the lowest price they will agree to sell for, regardless of what the starting bid might be. In some auctions, the starting bid and minimum bid are the same.

What is a lot in auction terms?

Lot: The term used to describe an individual item or group of items that are being offered at auction for sale as a single unit. Lot Number: The specific number assigned to a lot in an auction.

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