2007 MITSUBISHI LANCER GSR A/T

UNION BANK OF THE PHILIPPINES

ASSET RECOVERY GROUP- AUTO SALES UNIT

BIDDING RULES AND CONDITIONS

1. 1.       A copy of the list of vehicles for bidding, the Bidding Rules and Conditions with bid form shall be available at the head office of Union Bank of the Philippines (Unionbank) or at the Bank’s warehouse at 185 Roosevelt Avenue, near corner Del Monte, Quezon City.

1. 2.       The vehicles subject of the bidding are sold on “as is, where is” basis.  Prospective bidders are, therefore, advised to personally inspect or examine the physical condition of the vehicle/s he is interested in, as well as all related documents and evidences of ownership over the same.  He should, likewise, make the necessary verifications with the appropriate government body or agency regarding the said vehicles.

1. 3.       All bids must be submitted to the Asset Recovery Group, 20th Floor, Union Bank of the Philippines, UnionBank Plaza., Meralco Avenue corner Onyx and Sapphire Sts. Ortigas Center, Pasig City between 9 am to 12:00 noon and 1:00 to 5:00 pm, Monday through Friday within the period designated by UnionBank.  No bids shall be accepted after the specified closing date and time.  UnionBank may, however, at its sole discretion, defer the opening of the sealed bids.

1. 4.       In submitting his bid, the bidder must fill up and sign the bid form at the back page hereof. If the bid were submitted by a representative of another, the written authorization duly executed by the person represented should be submitted with the bid.

1. 5.       All bids should be submitted in a sealed envelope together with the deposit in the amount of FIVE THOUSAND PESOS (P5,000.00) in the form of manager’s/cashier’s check drawn in any bank within Metro Manila and payable to UNION BANK OF THE PHILIPPINES.   The deposit of the losing bidders may be claimed, without interest, from the Asset Recovery Group, Pasig City three (3) working days after the opening of the sealed bids.  That of the highest bidder shall, however, be retained and applied to the purchase price once the bid is finally approved.

1. 6.       In case of a tie, UnionBank may call for a new bidding among those who tied.

1. 7.       The balance of the purchase price may be paid in cash or through financing.  If payable through financing the bidder will be subject to the usual credit process and evaluation of Unionbank.  For those payable in cash, the balance should be paid within five (5) working days from receipt of notice from Unionbak of the approval of a bid.  Failure on the part of the approved bidder to fully pay the bid price within the said period shall result to the following:

a)      Forfeiture of the P5,000.00 deposit in favor of the Bank;

b)      Automatic invalidation/cancellation of his bid.

      In such event, UnionBank may, at its sole discretion, call for a new bidding or accept the next qualified bidders.

1. 8.       The approved bidder must pull out the vehicle from the UnionBank’s premises or its warehouse within two (2) working days from the date of full payment, otherwise, ONE HUNDRED PESOS (P100.00) per day shall be charged as storage fee,

1. 9.       Transfer cost, registration fees, documentary stamps taxes and other expenses incidental to the sale and transfer of ownership over the vehicles shall be for the account of and the responsibility of the approved bidder.

1. 10.   Final determination of the approved bid shall be subject to the evaluation and approval of Unionbank.

1. 11.   The Bidder hereby acknowledges that Unionbank acquired the vehicles for bidding in absolute good faith and through foreclosure proceedings and as such, Unionbank does not warrant the legal and/or actual status or condition of these vehicles.  The Bidder hereby agrees that in the event that Unionbank’s ownership over the vehicles subject of the bidding is annulled, cancelled or invalidated by a competent body or government entity, he shall return to Unionbank the vehicle he purchased in at least the same condition that he received it, less reasonable depreciation or wear and tear.  Unionbank shall, thereafter, return the amount he has paid without any interest or charges.

1. 12.   No additions or deletions to the foregoing bidding rules and conditions shall be made by the bidder, otherwise, the Bank reserves the right to reject any bid for non adherence therewith;

1. 13.   UnionBank reserves the right to revise any of the foregoing rules and conditions as it deems fit at any time.

1. 14.   UnionBank may, at any time, withdraw any of the vehicles included in the list of vehicles for bidding.

1. 15.   UnionBank reserves the right to reject any and all bids, to waive any formality therein, to accept such bids as it may consider most advantageous to it, to call-off a bidding prior to the final award of the winning bidder or to call for new bids under amended rules for any reason it may deem proper.  The decision of Unionbank is final and binding.

TO       : UNION BANK OF THE PHILIPPINES

              ARG – AUTO SALES UNIT

              20^thFlr. Unionbank Plaza, Ortigas Center

              P a s i g    C i t y  

B I D   F O R M

1. My bid/s are as follows:

1. Mode of Payment

[   ]  Cash                     [   ] Financing                         

I HAVE CAREFULLY READ AND UNDERSTOOD THE BIDDING RULES AND CONDITIONS ON THE FRONT PAGE  HEREOF.  I AGREE TO FOLLOW THE SAME AND BE BOUND BY THEM.   I ALSO AGREE TO ABIDE BY UNIONBANK’S DECISION ON ANY ISSUE. 

I ALSO HEREBY ABSOLUTELY AND UNCONDITIONALLY HOLD UNIONBANK FREE AND HARMLESS FROM ANY AND ALL CLAIMS, SUITS, OBLIGATIONS AND LIABILITIES WHATSOEVER ARISING FROM OR IN ANY WAY CONNECTED WITH UNIONBANK’S OWNERSHIP OF THE VEHICLES FOR BIDDING OR THIS BIDDING PROCESS.

                                                                        _________________________                ___________

                                                                        Signature over Printed Name                     Date