Duties of the selected auction company will include, but may not be limited to the following: 2.7.1.1 Handle all items related to setting up and conducting the auction. Be responsible for all financial aspects of the sale at gavel point and through closing. 2.7.1.2 Provide clerking and verification of all auction amounts at the public auction to include but not limited to issuing of bidder numbers, verification of identities. 2.7.1.3 Prepare multiple “sale bills” or “flyers” listing sale date, time, location, and description with placement in strategic locations in the area. 2.7.1.4 Pre-qualify all bidders to ensure they have the financial backing to support their bids and assume responsibility for assuring there are no problems with payment. 2.7.1.5 Advice buyers they have 7 days to remove items sold. 2.7.1.6 Provide a bid sheet for use at the day of auction, which ISU shall review and approve in advance. 2.7.1.7 Tag with lot numbers all items to be sold. 2.7.1.8 Set and communicate bid requirements consistent with ISU’s wishes. 2.7.1.9 Provide all ring personnel or any other personnel deemed necessary for operation of the auction. 2.7.1.10 Provide required sound system so participants can hear the auction. 2.7.1.11 Informing buyers all items are purchased “as is”. 2.7.1.12 Company may offer food service at their own expense and expected profit. Advise whether this option will be provided. 2.7.1.13 Collect final payment for all items. 2.7.1.14 Payment: Auction will settle with ISU within five (5) banking days after the scheduled day of the auction.
