Legal Question in Business Law in India
auction contracts
In an auction, whether a bid which is lower than the offset price or reserve price is valid or not before any negotiation is made?
Asked on 5/08/08, 2:53 am
3 Answers from Attorneys
Homi Maratha
N.N. Maratha & Co.-Advocates
Re: auction contracts
The bids should be lower than the offset price.
Answered on 5/09/08, 4:44 am
Re: Auction Contracts
If all the bid are below reserve price and secondly the established norms of that particular department is relevant.
Answered on 5/08/08, 3:54 am
Aniruddha Pawse
Aniruddha.P.Pawse Advocates
Re: auction contracts
All the bids should be lower than reserve /offset price.
Answered on 5/08/08, 8:19 am
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