§ 65-03 Definitions Specific to this Subchapter.
RCNY § 65-03
(a)Bidder. An individual submitting a sealed bid for one or more Lots of Taxicab Medallions or a Business Entity to which an individual Bidder assigns a bid.
(b)Broker or Taxicab Broker. For purposes of this Subchapter, a Broker or Taxicab Broker will include any person or entity, and any person or entity which is an owner, shareholder, partner, member or employee of such person or entity, that represents or advises any Bidder or potential Bidder in connection with an actual or potential bid and meets either of the following criteria: (1) Provides advice regarding bid price or potential bid price; or (2) Obtains actual knowledge of the bid price submitted by any Bidder while providing representation or advice.
(c)Closing Deadline. A Closing Deadline will be the date by which a winning Bidder must close on any Lot as established in 35 RCNY § 65-07(a).
(d)Independent Medallion. A class of Medallion Taxicab License, the owner of which may only own one Medallion.
(e)Lot. Medallions being sold in a single unit, which will be one Medallion in the case of an Independent Medallion and two or more Medallions in the case of Minifleet Medallions.
(f)Minifleet Medallion. A class of Medallion Taxicab License, the owner of which must own at least two Minifleet Medallions.
(g)Reserve Status and Reserve Status Bids. The highest ten percent of the non-winning bids in each category hold Reserve Status, unless the Chairperson determines a greater number of non-winning bids will receive Reserve Status and sets a higher qualifying percentage. A bid holding Reserve Status is a Reserve Status Bid and is converted to a winning bid when a winning Bidder fails to comply with the Closing Deadlines established in this Rule.
