Technology transfer in goods processing with foreign organizations and individuals.

Article 184.- Technology transfer in goods processing with foreign organizations and individuals.

Set-up-company-in-vietnam-Vinasc2Technology transfer in goods processing with foreign organizations and individuals shall be carried out in accordance with agreements in processing contracts and the provisions of Vietnamese law on technology transfer.

SECTION 2. AUCTION OF GOODS

Article 185.- Auction of goods

1. Auction of goods means a commercial activity whereby sellers themselves conduct or hire auction organizers to conduct public sale of goods to select purchasers that offer the highest prices.

2. Auctions of goods shall be performed by either of the following two modes:

a/ Upward bidding mode, which is an auctioning mode whereby the person who offers the highest price as compared with the reserve price shall have the right to purchase the auctioned goods;

b/ Downward bidding mode, which is an auctioning mode whereby the person who first accepts the reserve price or the lower price next to the reserve price shall have the right to purchase the auctioned goods.

Article 186.- Auction organizers, goods sellers

1. Auction organizers are traders that register the business of providing auctioning services or sell their own goods in cases where goods sellers conduct auctions by themselves.

2. Goods sellers are owners of such goods or persons mandated by goods owners to sell goods or persons entitled to sell goods of others according to the provisions of law.

Article 187.- Auction participants, auctioneers

1. Auction participants are organizations and individuals that register to participate in auctions.

2. Auctioneers are auction organizers or persons authorized by auction organizers to run auctions.

Article 188.- Auctioning principles

Set-up-company-in-vietnam-Vinasc1The auction of goods in commerce must be conducted on the principles of publicity, honesty and assurance of legitimate rights and interests of auction participants.

Article 189.- Rights of auction organizers

Unless otherwise agreed, auction organizers shall have the following rights:

1. To request goods sellers to provide fully, accurately and promptly necessary information on auctioned goods, to create conditions for auction organizers or auction participants to examine auctioned goods and hand over auctioned goods to goods purchasers in cases where auction organizers are not goods sellers;

2. To determine reserve prices in cases where auction organizers are sellers of auctioned goods or persons authorized by goods sellers;

3. To organize auctions;

4. To request goods purchasers to make payments;

5. To receive auction service charges paid by goods sellers according to the provisions of Article 211 of this Law.