Regulations for the Handling of Overdue US Economic Aid Loans Article 10

US Aid materiel that has been recovered should be offered for sale by open tender conducted by the CEPD or an agent appointed to act on its behalf. A minimum price should be set, and the materiel sold to the highest bidder above that price. If the highest bidder offers a price that is below the minimum price, the initial tender should be cancelled and the materiel offered for sale again by open tender at a lower minimum price. If the second tender again fails to receive any bid that is at or above the minimum price, it should be cancelled again and the materiel offered for sale again by open tender at a further reduced minimum price. The minimum price for the initial sale by open tender should be set in accordance with the assessed value of the materiel at the time of its recovery. The minimum price for each subsequent sale by open tender should be set at not less than eighty percent of the previous minimum price. If recovered US Aid materiel cannot be sold after being offered for sale by open tender five times in accordance with the method described hereinbefore, the CEPD may set a minimum price based on an estimate of how much it could fetch and, with the agreement of the Ministry of Audit, offer it for sale by open tender again. If the materiel still cannot be sold by this method, the CEPD should donate it to a government agency or state-owned enterprise that is able to find a means of putting it to use. The minimum price set by estimate for the final tender as described above may be lower than eighty percent of the minimum price in the previous tender.