Contractor shall perform the following services at the direction of the Treasurer and in accordance with applicable State and federal laws, rules, and regulations (the “Services”): 1. Online Auctions: a. Hold online auctions throughout the year through an online platform approved by the Treasurer. Contractor must be able to physically pick up items or arrange for delivery at no added cost to the Treasurer and secure and house auction items in a locked and secured location. b. Ensure all lots are sold subject to a non-published reserve price, which shall equal seventy-five percent (75%) of the lot’s value, based on an appraisal of the item by the Treasurer’s appraiser. If no bid meets the reserve price, the item shall not be sold and shall be returned to the Treasurer. If a lot is sold for less than the reserve price, Contractor is liable for any amount under the reserve price. Any United States coinage or currency sold must be sold for face value at a minimum, plus a percentage equal to Contractor’s percentage of sale fee. c. The number and frequency of online auctions will be determined at the discretion of the Treasurer. Contractor shall be prepared for the online auctions to have approximately 100 lots of unclaimed property for sale or such other amount as Contractor is notified of by the Treasurer.
