How long is the online auction process?
Sale Parcels are being sold via a online auction. In general, the online auction process does not have a pre-determined end date although it is expected to reach a conclusion within thirty (30) to forty-five (45) days from the date of auction commencement. During the auction, the BRAC PMO and Colliers will continuously monitor the bidding activity level daily. When it appears that the online bidding has slowed significantly, Colliers will issue an announcement through the auction platform and both print and electronic mediums, that the online auction will be closed as of a date and time certain, and upon that defined date and time, the highest bidder(s), who meets the requirements of the IFB, will be declared the “Winning Bidder(s)”. Subject to the sole discretion of the BRAC PMO, if a subsequent higher bid (subject to a predetermined bid increment) is received prior to the announced auction close date/time, the auction clock will reset itself with a rescheduled close date/time on the
