Section 124: (1) A bid for a public

auction shall be solicited through the publication and display of a notification of public auction (2) The period between the publication of the notification of public auction and the date of the auction shall be at least ten working days to allow sufficient time for potential bidders to inspect the asset. (3) The formal bid documents shall not be issued for a public auction and any information, including an auctioneer's catalogue, shall be used for information purposes only. (4) Bidding shall be oral and the procedure for bidding shall be specified by the auctioneer in accordance with auction practice. (5) There shall be no minimum bidding period. (6) A bid shall be presented orally and a bid shall be evaluated on the basis of price only. (7) Negotiations shall not be permitted. (8) A contract shall be awarded to the bidder offering the highest price as determined by the auctioneer and the successful bid shall be declared at the auction. (9) A contract shall be awarded orally to the successful bidder by the auctioneer and the successful bid shall be announced at the auction. (10) A successful bidder shall pay at least fifty percent of the contract price immediately after award of contract, and the balance shall be paid within five working days of award of contract. (11) Where a bidder fails to make payment, as specified, the contract shall be terminated and the award given to the next best bidder (12) A contracts committee shall appoint a registered and licensed auctioneer to conduct the disposal process on its behalf when undertaking a disposal by public auction. (13) An auctioneer shall be appointed using the appropriate procurement method for services. (14) The procurement of auctioneer services shall take into account- (a) the auctioneer's commission rates; (b) the location of an auctioneer and cost of transportation of the asset to be disposed of; (c) an auctioneer's facilities; (d) an auctioneer's ability to achieve optimum returns; (e) past performance and integrity of an auctioneer; (f) viability of the auctioneer's businesses; and (g) the provision of a performance security in the format and form required by a procuring and disposing entity. Public bidding. (15) The appointment of an auctioneer shall be confirmed by a written contract, which shall include- (a) the payment terms and commission rate and any other fees payable to an auctioneer; (b) the method and timing for payment of proceeds to a procuring and disposing entity; (c) responsibility for and payment of transport costs, and costs for any assets returned unsold; (d) the period within which an auction shall be held; (e) the information and conditions of sale to be included in the notification of public auction, an auctioneer's catalogue or any other similar document; (f) the documentation required by a procuring and disposing entity for each individual sale, such as a copy of receipts for payment and handing over certificates; and (g) the details of any performance security to be lodged with a procuring and disposing entity upon commencement of the contract. (16) A procuring and disposing entity shall be issued with a receipt by the auctioneer for any asset delivered to or collected by an auctioneer. (17) A public auction may be used where- (a) there are no conditions of end-user or export restrictions attached to the sale; or (b) there is a large number of assets to be disposed of in one location and where an on site auction is arranged to avoid transport costs.