BIDDINGS
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Unlock a world of exclusive opportunities with our seamless bidding platform. Bid, win, and secure what matters most to you. Start bidding today and step into a world of possibilities!
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BIDDING PROCESS
1
Visit Our Website
- The interested bidders shall place their respective offers for the specific or desired Total
loss unit through FGen’s website. - Upon clicking the “BID” button, you will be redirected to the bidder’s log-in page.
2
Floor Price
- FGen shall set the floor price of the total loss vehicle that will be put up for bidding.
3
Pay the Cash Bond
- Every bidder must post a cash bond, which is equivalent to 10% of the minimum bid
price or a minimum of TEN THOUSAND (P10,000) PESOS, whichever is higher. - You may deposit your payment at our head office-treasury department, or at any nearby
FGEN branch.
4
Prepare your Bid
- All bid offers must be sealed and must include a copy of your cash bond receipt.
- Place the sealed bid in the Bid Box located at the FGEN reception area before the
specified deadline.
5
Submission of Bids via Email (optional)
- If you prefer to submit your bid through email, email the scanned copy of the cash bond
receipt and send it directly to Atty. Pauline Agustin pmagustin@fgic.com.ph or to Jessica
Labutoy jdlabutoy@fgic.com.ph.
6
Determine the Winning Bidder
- Once the winning bid is determined and approved, FGEN will notify the successful
bidder via email. - The winning bidder must make the full payment within TWO (2) DAYS from the date of
notification. Payment can be in the form of a Manager's Cheque, cash, or online payment. - FGEN will provide bank details for online payment. Any storage and towing fees (if
applicable) and other incidental expenses shall be shouldered by the winning bidder.FGEN’s Bank Account Details:
Bank Name and Branch : BDO - Bacolod Branch
Bank Account Name : FORTUNE GENERAL INSURANCE CORPORATION
Bank Account Number : 003030040121 -
- The cash bond of the losing bidder/s shall be refunded accordingly.
- In the event that the winning bidder failed to pay the total bid amount within the given
time frame, the cash bond shall be forfeited in favor of FGEN.
7
Rebid, if needed
- If there is no winning bidder, the unit will be rebidded, and a new bid announcement will
be made by the specified deadline. - Rebidding of a total loss vehicle will be up to three (3) times only.
8
No Withdrawals after Deadline
- Bid offers cannot be withdrawn after the bid submission deadline.
9
Taking Possession of the Vehicle
- The winning bidder can take possession of the vehicle upon receiving an Authority to
pull out issued by FGEN. - This should be done within the specified timeline allowed by the repair shop or the
assured. - Any damage incurred by vehicles not pulled out within the specified timeline will be at
the sole risk of the buyer.
10
Vehicles Sold "As Is, Where Is"
- Please note that all bids are on an “AS IS WHERE IS” basis, meaning the vehicles are
sold in their current condition.
11
FGEN's Discretion
- FGEN’s Management reserves the right to reject bid offers, waive technicalities, or
accept a bid offer that it deems best for the interest of the company.
12
DATA PRIVACY
- FGen shall ensure that an obligation of confidentiality is imposed on persons, or its
employees authorized to process Personal Data. - FGen shall implement appropriate security measures and comply with the Data Privacy
Act, its implementing rules and regulations, all amendments thereto, and other issuances
of the National Privacy Commission.
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