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Electronic Code of Federal Regulations
Title 41: Public Contracts and Property Management
Files pertaining to surplus property sales shall contain copies of all documents necessary to provide a complete record of the sales transactions and shall include the following as appropriate:
(a) A copy of the request/invitation for bids if a written request/ invitation for bids is employed. A list of items or lots sold, indicating acquisition cost, upset price and sales price indicated.
(b) A copy of the advertising literature distributed to prospective bidders.
(c) A list of prospective bidders solicited.
(d) An abstract of bids received.
(e) Copies of bids received, including Standard Form 119, Contractor's Statement of Contingent or Other Fees, together with other relevant information.
(f) A statement concerning the basis for determination that proceeds constitute a reasonable return for property sold.
(g) When appropriate, full and adequate justification for not advertising the sale when the fair market value of property sold in this manner in any one case exceeds $1,000.
(h) A justification concerning any award made to other than the high bidder.
(i) The approval of the reviewing authority when required.
(j) A copy of the notice of award.
(k) All related correspondence.
(l) In the case of auction or spot bid sales, the following additional information should be included:
(1) A summary listing of the advertising used (e.g., newspapers, radio, television, and public postings).
(2) The names of the prospective bidders who attended the sale.
(3) A copy of any pertinent contract for auctioneering services and related documents.
(4) A reference to files containing record of deposits and payments.