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