Primary Market Auction Rules
[ go to GIC Auction rules ]
[ go to Lease Auction rules ]
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(1)
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Bidder ("Bidder") submitting winning bid ("Winning Bid") is
irrevocably obligated to purchase Bonds
at
rates and/or prices
submitted, if acceptable to the Issuer, as set forth in the
related
Notice. Winning Bids are not officially awarded to Winning
Bidders until formally accepted by Issuer.
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(2)
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Grant Street Group, Inc.
is not responsible for
(a) technical difficulties
that result in loss of Bidder's Internet connection with
Grant Street Group's MuniAuction Web site ("MuniAuction"),
(b) slowness in transmission of bids, (c) any other technical
problem resulting in bid submission failure,
or (d) any computational or data entry errors
associated with using MuniComp.
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(3)
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If for any reason Bidder is disconnected from Auction Page during
an auction after having submitted a Winning Bid, bid is valid
and binding upon Bidder, unless Issuer exercises its right to
reject bids, as set forth in the related Notice.
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(4)
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Bids which generate error messages are not accepted until the error
is corrected and the bid is resubmitted.
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(5)
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Bidders accept and agree to abide by all terms and
conditions specified in the Notice (including Amendments,
if any) related to each auction.
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(6)
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Grant Street Group is not responsible for any
defect or inaccuracy
in the Notice, Amendments, and Preliminary Official
Statement, as applicable, as
they appear on MuniAuction.
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(7)
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Only Bidders who request and receive admission to an auction may submit bids.
Grant Street Group reserves the right to deny access to
the MuniAuction
Web site to any Bidder, at any time
and for any reason whatsoever, in its sole and absolute discretion.
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(8)
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Bidders are responsible for maintaining the
confidentiality of their respective passwords.
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(9)
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If two bids submitted in the same auction by the same or different Bidders
result in the same displayed Yield-to-Maturity (in maturity-by-maturity or MBM auction)
or the same displayed True Interest Cost (in all-or-none auction),
the first confirmed bid received by MuniAuction
prevails, unless stated otherwise in the related Notice. Any
change
to a submitted bid constitutes a new bid,
regardless of whether there is a corresponding change
in True Interest Cost or Yield-to-Maturity.
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(10)
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Bidders must compare their final bids to those shown on the Observation
Page immediately after the auction ends, and, if they disagree with
the final
results shown on the Observation Page, they must report them to
Grant Street Group within 15 minutes after the auction ends.
Regardless of the final results
reported on MuniAuction,
Bonds are definitively awarded to
Winning Bidders only upon the official award by the Issuer. If, for any
reason, the Issuer fails to: i) award Bonds to the
winner
reported on
MuniAuction, or ii) deliver Bonds
to Winning Bidders at settlement, Grant Street
Group will not be liable for damages.
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(11)
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Bidders who submit a bid on the Auction Page by clicking the "Submit Bid" button
must confirm that bid by clicking the "Yes, Submit Bid" button on the Confirmation
Page.
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(12)
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This Web site is provided "as is" without warranty whatsoever. Grant Street
Group hereby disclaims any and all warranties,
including without limitation any implied warranties of merchantability
and/or fitness for a particular purpose.
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(13)
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In no event will Grant Street Group be liable for indirect, special,
incidental, economic, cover, consequential, tort, or other damages
(including without limitation damages or costs relating to the loss of
profits, business, goodwill, data or computer programs, even if advised of the
possibility of such damages), without regard to the legal theory of such
damages, arising out of the use or inability to use this Web site.
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(14)
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For auctions utilizing the "Two Minute Rule", if any bid becomes a leading bid
within two (2) minutes prior to the scheduled end of the auction, then the
auction will be automatically extended for two (2) minutes from the time such
new leading bid was received by MuniAuction. The auction end time will
continue to be extended, indefinitely, until all leading bid(s) remain the
leading bid(s) for at least two minutes, unless an absolute end time is
stipulated in the Notice.
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Definitions:
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"Bid" -
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any confirmed purchase offer received by MuniAuction on or before the auction
deadline.
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"Bidder" -
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any firm registered with MuniAuction and approved for participation
in auctions.
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"Bonds" -
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includes bonds, notes, and any other debt instrument.
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"Notice" -
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issuer's official solicitation to Bidders which sets forth the terms
and conditions Bidders agree to abide by.
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"True Interest Cost" -
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calculation described in Notice related to each auction which serves
as basis for awarding Bonds to Winning Bidders in all-or-none auctions or
all-or-none versus maturity-by-maturity auctions. Sometimes referred to as
Net Interest Cost.
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"Winning Bid" -
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any offer made by a Bidder by clicking the "Yes, Submit Bid"
button which, at the end of the auction, results in:
(a) the lowest True
Interest Cost in an all-or-none auction,
(b) the lowest Yield-to-Maturity or Net Interest Cost for any
maturity in a
maturity-by-maturity auction, or (c) the lowest True Interest Cost
in an all-or-none versus maturity-by-maturity auction;
and which is
acceptable to the Issuer.
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"Winning Bidder" -
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Bidder submitting Winning Bid
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"Yield-to-Maturity" -
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calculation described in Notice related to each auction which serves
as basis for awarding Bonds to Winning Bidders in all-or-none auctions or
all-or-none versus maturity-by-maturity auctions.
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GIC Auction Rules
[ go to Primary Market Auction rules ]
[ go to Lease Auction rules ]
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(1)
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Bidder ("Bidder") submitting winning bid ("Winning Bid") is
irrevocably obligated to
provide Investments based on its bid, including conditions (if any),
if acceptable to the Purchaser, as set forth in the
related
Terms.
Winning Bids are not official
until formally awarded by Purchaser.
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(2)
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Grant Street Group, Inc.
is not responsible for
(a) technical difficulties
that result in loss of Bidder's Internet connection with
Grant Street Group's MuniAuction Web site ("MuniAuction"),
(b) slowness in transmission of bids, or (c) any other technical
problem resulting in bid submission failure.
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(3)
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If for any reason Bidder is disconnected from Auction Page during
an auction after having submitted a Winning Bid, bid is valid
and binding upon Bidder, unless Purchaser exercises its right to
reject bids, as set forth in the related Terms.
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(4)
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Bids which generate error messages are not accepted until the error
is corrected and the bid is resubmitted.
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(5)
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Bidders accept and agree to abide by all terms and
conditions specified in the Terms (including Amendments,
if any) related to each auction.
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(6)
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Grant Street Group is not responsible for any
defect or inaccuracy
in the Terms and Amendments
as they appear on MuniAuction.
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(7)
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Only Bidders who request and receive admission to an auction may submit bids.
Grant Street Group
reserves the right to deny access to
the MuniAuction
Web site to any Bidder, at any time
and for any reason whatsoever, in its sole and absolute discretion.
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(8)
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Bidders are responsible for maintaining the
confidentiality of their respective passwords.
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(9)
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If two or more bids submitted in the same auction by different Bidders
result in a tie,
the first confirmed bid received by MuniAuction
prevails, unless stated otherwise in the related Terms. Any
change
to a submitted bid constitutes a new bid.
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(10)
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Bidders must compare their final bids to those shown on the Observation Page.
If Bidders disagree with the final results shown on the Observation Page,
the discrepancies must be reported to Grant Street Group within 15 minutes
of the posting of the final results on MuniAuction. Investments are
definitively awarded to Winning Bidders only upon official award by the
Purchaser. If, for any reason: i) the Purchaser fails to award Investments to
the leading bid at the conclusion of the auction, or ii) funding of Investments
does not occur or is delayed, Grant Street Group shall not be liable for
damages.
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(11)
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Bidders who submit a bid on the Auction Page by clicking the "Submit Bid" button
must confirm that bid by clicking the "Yes, Submit Bid" button on the Confirmation
Page.
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(12)
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This Web site is provided "as is" without warranty whatsoever. Grant Street
Group hereby disclaims any and all warranties,
including without limitation any implied warranties of merchantability
and/or fitness for a particular purpose.
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(13)
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In no event will Grant Street Group be liable for indirect, special,
incidental, economic, cover, consequential, tort, or other damages
(including without limitation damages or costs relating to the loss of
profits, business, goodwill, data or computer programs, even if advised of the
possibility of such damages), without regard to the legal theory of such
damages, arising out of the use or inability to use this Web site.
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(14)
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For auctions utilizing the "Two Minute Rule", if any bid becomes a leading bid
within two (2) minutes prior to the scheduled end of the auction, then the
auction will be automatically extended for two (2) minutes from the time such
new leading bid was received by MuniAuction. The auction end time will
continue to be extended, indefinitely, until all leading bid(s) remain the
leading bid(s) for at least two minutes, unless an absolute end time is
stipulated in the Notice.
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Definitions:
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"Bid" -
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any confirmed offer to provide Investments received by MuniAuction on or
before the auction deadline.
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"Bidder" -
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any firm registered with MuniAuction and approved for participation
in auctions.
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"Investments" -
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includes investment agreements, repurchase agreements and any other
investment vehicle.
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"Terms" -
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Purchaser's official solicitation to Bidders which sets forth the terms
and conditions Bidders agree to abide by.
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"Winning Bid" -
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any offer made by a Bidder by clicking the "Yes, Submit Bid"
button which, at the end of the auction, results in
an award of the Investments by the Purchaser.
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"Winning Bidder" -
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Bidder submitting Winning Bid
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Lease Auction Rules
[ go to Primary Market Auction rules ]
[ go to GIC Auction rules ]
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(1)
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Bidder ("Bidder") submitting winning bid ("Winning Bid") is
irrevocably obligated to purchase Lease at rate
submitted, if acceptable to the Lessor, as set forth in the
related
Notice. Winning Bids are not officially awarded to Winning
Bidders until formally accepted by Lessor.
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(2)
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Grant Street Group, Inc. is not responsible for
(a) technical difficulties
that result in loss of Bidder's Internet connection with
Grant Street Group's MuniAuction Web site ("MuniAuction"),
(b) slowness in transmission of bids, or (c) any other technical
problem resulting in bid submission failure.
|
|
(3)
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If for any reason Bidder is disconnected from Auction Page during
an auction after having submitted a Winning Bid, bid is valid
and binding upon Bidder, unless Lessor exercises its right to
reject bids.
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(4)
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Bids which generate error messages are not accepted until the error
is corrected and the bid is resubmitted.
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(5)
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Bidders accept and agree to abide by all terms and
conditions specified in the Lease Documents (including Amendments,
if any) related to each auction.
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(6)
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Grant Street Group is not responsible for any
defect or inaccuracy
in the Lease Documents, Amendments, or Financials, as
they appear on MuniAuction.
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(7)
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Grant Street Group bears no liability regarding the credit worthiness
of the Lessee and is not responsible for the Lessee's ability to meet
the lease obligations.
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(8)
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Only Bidders who request and receive admission to an auction may submit bids.
Grant Street Group reserves the right to deny access to
the MuniAuction
Web site to any Bidder, at any time
and for any reason whatsoever, in its sole and absolute discretion.
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|
(9)
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Bidders are responsible for maintaining the
confidentiality of their respective passwords.
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|
(10)
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If two bids submitted in the same auction by the same or different Bidders
are the same, the first confirmed bid received by MuniAuction
prevails, unless Lessor elects otherwise. Any
change to a submitted bid constitutes a new bid.
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(11)
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Regardless of the final results
reported on MuniAuction, Leases are awarded to
Winning Bidders by the Lessor and if, for any
reason, the Lessor fails to award Lease to the
winner reported on
MuniAuction, Grant Street Group will not be responsible or liable for damages.
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(12)
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Bidders who submit bids on the Auction Page by clicking the "Submit Bid" button
must confirm their bids by clicking the "Yes, Submit Bid" button on the Confirmation
Page.
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(13)
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This Web site is provided "as is" without warranty of any kind. Grant Street
Group hereby disclaims any and all warranties,
including without limitation any implied warranties of merchantability
and/or fitness for a particular purpose.
|
|
(14)
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In no event will Grant Street Group be liable for indirect, special,
incidental, economic, cover, consequential, tort, or other damages
(including without limitation damages or costs relating to the loss of
profits, business, goodwill, data or computer programs, even if advised of the
possibility of such damages), without regard to the legal theory of such
damages, arising out of the use or inability to use this Web site.
|
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Definitions:
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"Bid" -
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any confirmed purchase offer received by MuniAuction on or before the auction
deadline.
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"Bidder" -
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any firm registered with MuniAuction and approved for participation
in auctions.
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"Lease" -
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a contract through which an owner of equipment (the lessor) conveys the right to use its equipment to another party (the lessee) for a specified period of time (the lease term) for specified periodic payments.
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"Lessee" -
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the party to a lease agreement who is obligated to pay the rentals to the lessor and is entitled to use and possess the lease equipment during the lease term.
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"Lessor" -
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the party to a lease agreement who has legal or tax title to the equipment (in the case of a true tax lease), grants the lessee the right to use the equipment for the lease term and is entitled to receive the rental payments.
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"Rate" -
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Interest Cost Figure entered by bidders that serves
as basis for awarding Leases to Winning Bidders.
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"Winning Bid" -
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any offer made by a Bidder by clicking the "Yes, Submit Bid"
button which, at the end of the auction, results in the lowest Rate.
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"Winning Bidder" -
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Bidder submitting Winning Bid
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Please click BACK button to return to previous page.
Please direct questions and comments to
AuctionSupport@GrantStreet.com
For assistance, call (412) 391-5555.
Copyright © 1997-2001, Grant Street Group.
All rights reserved.
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