12 Miss. Code. R. 6-8.101.03.4

Current through December 10, 2024

Section 12-6-8.101.03.4 - If the auction company is responsible only for selling each item, the selling agency may negotiate with a company provided the fee does not exceed an amount equal to ten percent (10%) per item but not to exceed $50 per item

Example: The fee would be ten percent (10%) on any item selling for not more than $500. Items selling for more than $500 will generate a flat fee of $50 per item to the auction company.

Buyers fee may be allowed. Such contracts may be made without advertising; however, the Chief Procurement Officer or his/her designee must review contract prior to execution.

Amended 1/1/2018