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Calculation of reserve prices

Calculation of reserve prices

 
Title: Calculation of Reserve Bid No: 06
Version: 2 Date: 01 June 2003
 
Prepared by: GB/JD Approved by:  
Preceded by Procedure No: 7 Followed by Procedure No: 8
Purpose: To calculate and maintain the confidentiality of Reserve Bids for Timber Resource Fees (TRF)
Applies to: Chief ExecutiveTREC MembersRMSC Director Designated FC Staff
Reference Documents: LI 1721Terms of Reference for Independent Third Party organisation Pro forma contract for Independent Third Party organisation
Procedure:
1.       Using approved bidding procedures, the Forestry Commission engages a suitably qualified Independent Third Party organisation (the "ITP") to calculate and maintain the confidentiality of reserve bids for each TRF offered.
2.       Terms of reference for the ITP's engagement set out all factors that the ITP will take into account in determining each reserve bid.
3.       Not later than the time of advertising each round of forest areas to be bid, the Chief Executive notifies the ITP in writing: a)      which forest areas will be subject to bidding; and b)      the date and time of the bidding for those areas; and requests the ITP to prepare a reserve bid for each forest area and for a representative of the ITP is to attend and deliver all reserve bids to the TREC.
4.       The ITP requests in writing RMSC and other FC Offices as necessary to provide all information it requires to prepare the reserve bid for each forest area subject to bidding.
5.       The RMSC Director and other FC staff provide the ITP by the date specified in the request all data, information and other matters requested by the ITP necessary to calculate the reserve bid.
         

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