Terms and Conditions of the Bidding Exercise

4.1 Terms and Conditions for Obsolete Equipment at Subsidiaries

Kindly note that all Terms and Conditions are put in place to ensure full and fair participation of all bidders. The rules/guidelines/instructions will be applicable to all bidders:

1. The Items are being sold on the condition of “as it is”, and “where is”, without recourse or warranties of any kind. BIDDERS MUST BID FOR ALL LISTED ITEMS IN THE EQUIPMENT/ASSET LIST. No partial bid for items.
2. The Highest Bidder will be the Preferred Bidder (Bid Winner), and the 2nd Highest Bidder will be the Reserved Bidder.
3. Interested Bidders will receive a detailed List of items (Equipment List) via email.
4. All bidders must have undertaken inspection at the time slot agreed with the Asset Disposal Committee.
5. Interested bidders must log in and bid on the Automated Bidding platform.
6. Evidence of payment of the bid deposit must be sent to info.assetdisposal@oduainvestment.com.ng
7. Where the uploaded bid deposit is not up to 5%, the bidder will be disqualified.
8. The bid amount is subject to 7.5% VAT.
9. Preferred and Reserved bidders shall be notified within 5 working days after bid closure.
10. Items will be sold to the bidder with the highest total offer. In case of a tie, timing of submission applies.
11. All bids must be submitted via the designated platform.
12. Bids after the deadline will be rejected.
13. Winners will be notified by email and must make full payment within 10 working days.
14. Installments allowed within 5 working days, but full bid amount must be paid within the window.
15. Failure to pay balance within time by Preferred or Reserved Bidder results in 5% admin charge and refund within 5 working days.
16. Successful bidder has 5 calendar days to evacuate items without damaging the structure of the organization.
17. Bid winner must provide own resident security for the evacuation period.
18. Evacuation only upon receipt of clearance.
19. Bidder must indemnify and restore for any evacuation damages.
20. Logistics and cost of evacuation is the winner’s responsibility.
21. Failure to pay within time leads to forfeit of bid and company may resell items.
22. Failure to evacuate within time means items left are forfeited.
23. No assistance will be provided by company for evacuation. Company not liable for any damages.
24. Bid winner must pay any statutory charges for ownership transfer.
25. Company reserves the right to reject any/all bids.
26. For inquiries please send an email to info.assetdisposal@oduainvestment.com.ng
27. ANY BIDDER THAT IS NOT READY TO BE BOUND BY ABOVE TERMS AND CONDITIONS SHOULD NOT PROCEED TO THE BIDDING PROCESS.

4.2 Terms and Conditions for Obsolete Equipment at Group Headquarters

The following are the rules and procedures applicable to the bidding process:

1. Bid values below the “reserve price” shall be disqualified.
2. All items are sold “as it is”, no testing allowed.
3. All payments are non-refundable.
4. Paid-for items must be evacuated within 1 week.
5. The bidding platform: https://asset.oduainvestment.com.ng/oicl_asset