Tenders Rules & Form

 

  1. A reserve price is established for each item in a tender sale before the closing date.
     
  2. IST is not bound to accept any price offered for a tendered item.
     
  3. The price offered by a bidder and accepted by IST is inclusive of G.S.T.
     
  4. IST will usually accept the highest price offered for each item, when it is greater than ninety five (95) per cent of the reserve price.
     
  5. When the highest price offered for an item is between ninety (90) and ninety five (95) per cent of the reserve price IST will contact the highest bidder to invite one final higher offer.
     
  6. IST will notify all bidders of the success or failure of their offer/s, by email, telephone or in writing, during the three working days following the closing date for this tender.
     
  7. All successful bidders must pay IST for the value of an item/s within fifteen (15) working days of notice accepting any tender price/s or their offer will be considered to have lapsed.
     
  8. Item/s purchased through this tender sale must be collected from IST within ten (10) working days after payment, unless special arrangements have been made to mill or store an item/s.
     
  9. All bidders are expected to purchase all items when their price offer/s is/are accepted by IST; failure to purchase a piece or pieces will be considered if a bidder makes offers in subsequent tenders.