We plan on having 3 different sets of auctions each day. These sets will occur at the following times- 11:00 AM; 1:00 PM; and 3:00 PM. Each auction set will contain a small number of items or lots. Auction items legally need to be referred to as auction lots. Each auction lot represents 1 specific auction item. The number of items or lots that occur in each hourly set will depend on how many auctions are scheduled. Vendors need to schedule their auctions with the SFV-CFM at least 10 days prior to the event. The total number of auctions a vendor can schedule is based on their booth type. See the Scheduled Auctions number for your booth type. We are hoping that each auction set will be done within 15 minutes. We will make the auction schedule visible to the event attendees on the web site prior to the event and on signage during the event. This will let attendees know which auction sets contain lots (items) that they might be interested in making a bid on.

This paragraph defines the legal parameters of the Auction transaction. Auctions are actually about establishing contracts between sellers, bidders and auctioneers. These particular contracts are creating legal relations between the parties involved (as defined in law by the Uniform Commercial Code UCC). The vendors who have rented booths and have scheduled auctions are the sellers. The San Fernando Valley Coral Farmers MarketSM (SFV-CFM) is the auctioneer who is contractually acting as the sellers (vendors) agent. Vendors are required to schedule each auction lot (item) with the auctioner (SFV-CFM) at least 10 days prior to the event. A picture of the item, brief description and opening accepted bid are required. All auctions conducted by the SFV-CFM will have a minimum acceptable bid amount established by the seller (vendor). These types of auctions have what are legally referred to as reserves, which are basically minimum accepted bid amounts for lots (items). Just before an auction lot occurs during the event, the auctioneer (SFV-CFM) will verify that the seller (vendor) has the lot item ready and present for the auction. At that time the auctioneer will verify with the seller what the opening bid will be and what will be the accepted forms of payment. After verifying each lot scheduled for that particular auction set, the auctioneer will then perform the auctioning of each lot. During the auction a legal contract will be established between the buyer (highest bidder) and the seller. This transaction is determined by the auctioneer who has been contracted by the seller to be the sellers agent. So when the auctioneer declares 'Sold', a contract between the buyer and seller has been established. This is an oral contract that is legally binding between the buyer and seller. After each set of auction lots (items) is sold, the auctioneer will then take the buyer and the terms of the contracted transaction to the seller. The seller will then ask for payment directly from the buyer. After the buyer finishes the payment process, the seller will provide the lot item to the buyer. At that time the seller (vendor) will be invoiced by the auctioneer (SFV-CFM) for the auctioneer fee amount. This fee will be 10 % of the winning auction bid. The main financial transaction occurs between the buyer and the seller. The auctioneer (SFV-CFM) only invoices the seller (vendor) for the fee. If no bid or no reserve bid is made on an auction lot (item), no fee will be charged to the seller (vendor).

The auctioning will be performed by Art Petit and Steve Tyree. They will be assisted by representatives of the SFV-CFM event. To schedule a vendor auction please contact sales@sfv-cfm.com . Please note that vendors are not permitted to perform their own auctions within the event. All auctions must be scheduled with the Sfv-CFM. A vendor, its employees and the vendors relatives are not permitted to bid on the vendors own auction items. Vendors are permitted to bid on other vendors items. All employees, representatives and relatives of the SFV-CFM are not permitted to place auction bids.