If a distributor communicates an invitation to bid to one or more exhibitors in the state, then:
(1) The invitation to bid shall specify (a) whether the run for which the bid is being solicited is a first, second or subsequent run; whether the run is an exclusive or nonexclusive run; and the geographic area for the run; (b) the names of all exhibitors who are receiving an invitation to bid on the picture; (c) the date and hour the invitation to bid expires; and (d) the time, date and location, including the address, where the bids will be opened, which shall be within the state.
(2) All bids shall be submitted in writing and shall be opened at the same time and in the presence of those exhibitors, or their agents, who submitted bids and are present at such time.
(3) Immediately upon being opened, the bids shall be subject to examination by exhibitors, or their agents, who submitted bids, and who are present at the opening. Within ten business days after the bids are opened, the distributor shall notify each exhibitor who submitted a bid either the name of the winning bidder or the fact that none of the bids were acceptable.
(4) Once bids are solicited, the distributor shall license the picture only by bidding and may solicit rebids if he does not accept any of the submitted bids.