A tender sale is a sealed bid sale whereby interested parties are invited to inspect the Lots. They must submit a tender form indicating the price they are willing to offer for any Lot or combination of Lot, by a specific deadline. The winning bidders are notified, payment is effected and collection may be supervised.
Tender sales are generally suitable due to:
- the client requires approval of offers before acceptance;
- a large quantity of similar lots;
- the premises are unsuitable for auction;
- a small value which does not justify the expense of an auction;
- a limited demand for assets (you need a minimum of 2 buyers at auction);
- a massive demand for items (we can determine the best deal for the vendor);
- the potential for an excessively high bid by a 'special purchaser'.