ASTM E2858-12

Standard Practice for Sales of Personal Property

SIGNIFICANCE AND USE
5.1 This standard identifies cost-effective sales as a business process of the entity. The central objective is to ensure that assets are sold in a manner best suited to meet the goals of the entity.  
5.2 This standard provides options and considerations to take into account to effectively manage the entity’s assets when considering asset sales.
SCOPE
1.1 This practice encompasses how assets may be sold.  
1.2 Sales of assets may be done when assets used by the entity are no longer required, or to sell assets acquired for the purpose of sale or re-sale. The objectives of a sale will vary by entity; for instance, the goal may be to facilitate the replacement of assets, to obtain needed funds from sales proceeds, or simply to remove assets from the entity’s control and management.  
1.3 This practice does not include sales requirements or restrictions specific to any regulatory body or the various levels of government in which an entity operates. However, this practice provides the entity options for flexibility to best integrate those external requirements.  
1.4 This standard does not purport to address all of the safety concerns, if any, associated with its use. It is the responsibility of the user of this standard to establish appropriate safety and health practices and determine the applicability of regulatory limitations prior to use.

General Information

• Status: Historical
• Publication Date: 31-Jul-2012
• ICS: 03.100.20 - Trade. Commercial function. Marketing
• Technical Committee: E53 - Asset Management
• Drafting Committee: E53.04 - Reutilization and Disposal

Relations

• Referred By: ASTM E2675-22 - Standard Practice for Asset Management System Outcomes
• Effective Date: 01-Aug-2012
• Referred By: ASTM E2306-18 - Standard Guide for Disposal of Personal Property Assets
• Effective Date: 01-Aug-2012
• Referred By: ASTM E3173-18 - Standard Guide for Decommissioning and Disposal of Medical Equipment
• Effective Date: 01-Aug-2012

Standards Content (Sample)

NOTICE: This standard has either been superseded and replaced by a new version or withdrawn.
Contact ASTM International (www.astm.org) for the latest information
Designation: E2858 − 12
Standard Practice for
1
Sales of Personal Property
This standard is issued under the fixed designation E2858; the number immediately following the designation indicates the year of
original adoption or, in the case of revision, the year of last revision. A number in parentheses indicates the year of last reapproval. A
superscript epsilon (´) indicates an editorial change since the last revision or reapproval.
1. Scope 4. Summary of Practice
1.1 This practice encompasses how assets may be sold.
4.1 Entities sell assets for multiple purposes, often simply to
dispose of assets no longer required by the owning entity
1.2 Sales of assets may be done when assets used by the
(“surplus” assets).
entity are no longer required, or to sell assets acquired for the
purpose of sale or re-sale. The objectives of a sale will vary by
4.2 Entities should implement asset management systems to
entity; for instance, the goal may be to facilitate the replace-
optimize performance in accordance with Practice E2675, such
ment of assets, to obtain needed funds from sales proceeds, or
that sales decisions are supported by current and accurate
simply to remove assets from the entity’s control and manage-
information.
ment.
4.3 Salesshouldbeconductedtomaximizethebenefittothe
1.3 This practice does not include sales requirements or
entity, while minimizing risks subsequent to the sale.
restrictionsspecifictoanyregulatorybodyorthevariouslevels
of government in which an entity operates. However, this
5. Significance and Use
practice provides the entity options for flexibility to best
5.1 This standard identifies cost-effective sales as a business
integrate those external requirements.
process of the entity. The central objective is to ensure that
1.4 This standard does not purport to address all of the
assets are sold in a manner best suited to meet the goals of the
safety concerns, if any, associated with its use. It is the
entity.
responsibility of the user of this standard to establish appro-
priate safety and health practices and determine the applicabil- 5.2 This standard provides options and considerations to
take into account to effectively manage the entity’s assets when
ity of regulatory limitations prior to use.
considering asset sales.
2. Referenced Documents
2
2.1 ASTM Standards: 6. Decision Process
E2135 Terminology for Property and Asset Management
6.1 Entities may consider selling assets to:
E2675 Practice for Property Management System Outcomes
6.1.1 Obtain funds needed to offset the cost of acquiring
replacement assets better suited to meeting the entity’s
3. Terminology
requirement,
3.1 Definitions—For additional definitions for property and
6.1.2 Obtain operating funds, or
asset management, see Terminology E2135.
6.1.3 Eliminate operational costs associated with overall
3.1.1 lotting, lotted, v—to consolidate or distribute assets
management of the asset, that is, taxes and costs of custodial
being sold into identifiable groupings, to be sold for one price,
oversight.
to provide the best number of items or the best mix of different
6.1.4 Facilitate the continued use of surplus assets which
items with the intent to increase prospective bidder interest.
avoids the assets entering the waste stream or the costs of
3.1.2 terms and conditions, n—basis on which the sale,
remediation.
award, and transfer of the assets are to be conducted.
6.2 The sales method selected should take into account the
1 reasonforthesaleandshouldconsidertheexpectedorrequired
This practice is under the jurisdiction of ASTM Committee E53 on Asset
Management and is the direct responsibility of Subcommittee E53.04 on Reutiliza- proceeds and the time frame in which the sale is to be
tion and Disposal.
conducted.
Current edition approved Aug. 1, 2012. Published October 2012. DOI: 10.1520/
E2858-12.
6.3 An entity should evaluate expected sales costs and
2
For referenced ASTM standards, visit the ASTM website, www.astm.org, or
anticipated proceeds and consider other methods of disposal if
contact ASTM Customer Service at [e-mail]. For Annual Book of ASTM
the net costs of sale are greater than the net costs of other
Standards volume information, refer to the standard’s Document Summary page on
the ASTM website. disposal methods.
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E2858 − 12
7. Pre-Sale Activities 7.7 When third party sales are conducted, approval to sell
must be obtained from the owning entity.
7.1 Asset records should be reviewed to ensure validity and
accuracy to guide the selection of the sales method and the
8. Sale of Assets
processes. Considerations should include the following:
8.1 Asset sales may be conducted by the owning entity
...