Regulations on contract to hire a professional auctioneering organization in Vietnam under Circular 18/2014/TT-BTP

Regulations on contract to hire a professional auctioneering organization in Vietnam under Circular 18/2014/TT-BTP (Internet image)

Circular 18/2014/TT-BTP stipulates that in case where Vietnam Asset Management Company hires a professional organization to hold the auction, it shall sign a contract with such organization. The contract shall include:

1. Name and address of contracting parties;

2. Auctioned assets (together with detailed annex);

3. The reserve prices;

4. Time and location to hold the auction;

5. The auction method applied;

6. Auction charge, auction expenses; auction participation fee, deposits and payment methods;

7. Time, location and modality of transfer the documents of the auction;

8. Rights and obligations of contracting parties, responsibility for failure to fulfill contractual obligations.

In addition, this Circular also stipulates that  the professional auctioneering organization shall announce the auction, collect participation fees and deposits, issue the regulations on auction, hold the auction and take responsibility for the auction.

Vietnam Asset Management Company shall facilitate and supervise the auctions that are held by professional auctioneering organizations; sign contracts to sell the auctioned assets as prescribed in Article 11 of this Circular, and transfer the auctioned assets together with relevant documents to the buyers of auctioned assets.

The auction which is held by a professional auctioneering organization shall be carried out under the law on asset auctions and regulations as prescribed in this Circular.

More details can be found in Circular 18/2014/TT-BTP effective from November 10, 2014.

Ty Na

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