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VEHICLE DETAILS

BIDDING DETAILS

Minimum bid: Php920,000.00

Requirements

• Fully accomplished Bid Form (Annex 1);
• Photocopy of two (2) valid government-issued IDs;

Submission of sealed bids with requirements

(A)    Onsite

Bidders shall place their bids in the CEM Box on the 24^th Floor of Cityland Pasong Tamo Tower, 2210 Chino Roces Avenue, Makati City between 8:00 AM and 5:00 PM.

(B)    Online

Bidders shall send their bids via email at cembidscommittee@cem-inc.org.ph.

Winning bidder

The unit shall be awarded to the highest bidder through a Notice of Award or NOA. The winning bidder shall present one (1) valid government-issued ID to the CEM Cashier for verification/confirmation of their identity. Should the winning bidder send a representative to claim the ORs, a notarized Special Power of Attorney (SPA) with a photocopy of the valid government-issued ID of the winning bidder and the authorized representative shall be submitted to the CEM Cashier. Original copies of the valid government-issued IDs shall also be presented.

Deadline for Bid Submission - February 14, 2023 at 5:00 PM

Terms of Payment

The payment is on a cash basis or Manager’s Check only.  Personal checks are not acceptable.

• 1st payment - Earnest Money (10% of the winning bid) shall be deposited to CEM’s depository account within two (2) working days after receipt of the NOA. Non-payment of this as prescribed shall mean non-interest to purchase and shall allow the BC to award the sale to the next highest bidder.
• 2nd payment – The remaining balance (90% of the winning bid) shall be deposited to CEM’s depository account within five (5) working days after receipt of the NOA.

Upon each deposit, the proof of payment shall be submitted immediately to the BC via email at cembidscommittee@cem-inc.org.ph.

Transfer Domumentation

Upon confirmation of full payment, CEM will execute the necessary documentation for the transfer of “properties” to the winning bidder (e.g. Deed of Absolute Sale, Secretary’s Certificate, for vehicles - Certificate of Registration (CR) and Official Receipt (OR), etc.). It is the buyer's responsibility to transfer the “properties” under his name, including but not limited to the taxes and costs.