Article 19 Bidding is applicable to both purchase and sale. A member may purchase or sell various types of natural rubber products and other bulk commodities through bidding or even re-sell the commodities purchased at Sinoruex.

For purchase through bidding, the selling member keys in a starting price and buying members compete by giving higher offers. The buying member who offers the highest price within the specified time limit wins the bid.

For sales through bidding, the eligibility of selling and buying members must be reviewed by Sinoruex in terms of their membership grading. In this mode of electronic bidding, the buying member keys in a starting price and selling members compete by giving lower quotations. The selling member who offers the lowest quotation within the specified time limit wins the bid.

Article 20 Bidding procedures are as follows:

1. The trading parties must deposit a sufficient amount of guarantee fund or commodities with an equivalent value (calculated at a certain discount) before they can bid at Sinoruex. For sales through bidding, the eligibility of selling and buying members must be reviewed and certified by Sinoruex in terms of their membership grading.
2. The selling member submits the information concerning the commodity to be auctioned off within the terms-of-trading submission period, including the product name, amount, place of origin, initial quotation, terms of payment, mode of delivery and delivery period. The selling member is prohibited from canceling or changing the terms of trading when the terms-of-trading submission period is over.
The delivery period shall be within the limits set by Sinoruex while the delivery venue can be one of the venues publicized by Sinoruex for the type of commodities traded.
3. Sinoruex publicizes the commodities open for bidding.
4. The trading party selects the commodity for bidding during the bidding period and the bidding goes on until the countdown to zero in the trading system or the closing of bidding.
5. Rules on retailing will be publicized by Sinoruex separately. The trading party may choose direct bidding, authorized agent bidding or price plus bidding. At the end of each trading day, offers that have not led to trading in auction are cancelled automatically.
6. When a transaction is completed through bidding, Sinoruex freezes the guarantee fund of the two trading parties and charge required commission.
7. A successful bidding is regarded as an electronic contract signed by the trading parties, which carries legal force. Within two working days after the bidding is completed, the trading parties shall sign a written contract according to the terms in the electronic contract. A purchase/sales contract shall be signed for domestic commodities while an import contract shall be signed for commodities from abroad.

Article 21 When the commodity for bidding is imported, the selling member must provide documents related to the entry-exit of goods such as the certificate of place of origin and Generalized System of Preference Certificate of Origin, etc. When submitting the commodity for bidding, the selling member must provide information about the quotation and the base price.