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New Mexico Statutes Chapter 57. Trade Practices and Regulations § 57-5A-5. Bidding procedures

Current as of January 01, 2024 | Updated by Findlaw Staff

If bids are solicited from exhibitors for the licensing of a motion picture within New Mexico, then:

A. the invitation to bid shall specify:

(1) the number and length of runs for which the bid is being solicited, whether it is a first, second or subsequent run and the geographic area for each run;

(2) the names of all exhibitors or their designated agents who are being solicited;

(3) the date and hour the invitation to bid expires; and

(4) the location, including the address, where the bids will be opened, which shall be in the exchange center;

B. all bids shall be submitted in writing and shall be opened at the same time and in the presence of exhibitors, or their agents, who submitted bids and are present at such time;

C. after being opened, bids shall be subject to examination by exhibitors, or their agents, who submitted bids. Within ten business days after a bid is accepted, the distributor shall notify in writing each exhibitor who submitted a bid of the name of the winning bidder; and

D. once bids are solicited, the distributor shall have the option to license the motion picture by competitive negotiation if he does not accept any of the submitted bids.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 57. Trade Practices and Regulations § 57-5A-5. Bidding procedures - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-57-trade-practices-and-regulations/nm-st-sect-57-5a-5/

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