1. If bids are solicited from exhibitors for the purpose of entering into a license agreement, the invitation to bid shall specify:

(1) The number and length of runs to which the invitation to bid applies;

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(2) Whether the invitation to bid applies to a first or subsequent run;

(3) The geographic area for each run;

(4) The names of all exhibitors who are being given an invitation to bid;

(5) The date, hour, and location at which the bid is required to be made;

(6) The name and address of the location where the bids will be opened, which location shall be within this state.

2. If the motion picture that is the subject of a bid has not already been trade screened within this state, the distributor soliciting the bid shall include in the invitation to bid the date, time, and location of the trade screening of the motion picture that is the subject of the invitation to bid. An exhibitor is prohibited from submitting a bid unless the exhibitor or his agent has attended a trade screening of the motion picture for which bids are being solicited.

3. If a distributor issues invitations to bid for a motion picture and he receives no bids for the motion picture, he may then negotiate for the picture with all exhibitors on the bid list. No further bidding is required. If a distributor receives bids which are not acceptable to the distributor the first time the motion picture is bid, he must rebid the motion picture a second time and if after bidding the motion picture a second time the bids are still unacceptable, he shall notify all exhibitors of such rejections and then may negotiate the motion picture. No further bidding is required and all exhibitors must be given an opportunity to negotiate.