Reverse auctioning definition

Reverse auctioning means a procurement method wherein bidders are invited to bid on specified goods or nonprofessional services through real-time electronic bidding, with the award being made to the lowest responsive and responsible bidder. During the bidding process, bidders' prices are revealed and bidders shall have the opportunity to modify their bid prices for the duration of the time period established for bid opening.
Reverse auctioning means a procurement method wherein bidders are invited to bid on specified
Reverse auctioning means a procurement method wherein pre-qualified bidders are invited to bid on specified goods or services through real-time electronic bidding, with the award being made to the lowest responsive and responsible bidder.

Examples of Reverse auctioning in a sentence

  • Reverse auctioning is an Internet-based or electronic commerce acquisition tool/service following traditional auction principles that allows the Government to procure goods and services from offerors/suppliers in a competitive and dynamic environment where the sellers successively bid prices down until the auction completes.

  • Reverse auctioning should be used for goods or services that can be easily described and specified, with definable quantities and when an adequate number of vendors can be expected to respond.

  • Reverse auctioning should not be used for highly technical or complex solicitations, when prequalification is necessary, for solicitations with multiple attachments, for emergency procurements.

  • Reverse auctioning shall not be used for the acquisition of any services for construction projects or for the acquisition of any other serv- ices.

  • Reverse auctioning in this format is very similar to the Japanese auction in that it awards the lowest bidder the contract at a price equal to the amount of the second-lowest bid.

  • When interacting with the participants, I frequently found myself associating them with children I had taught previously.

  • Reverse auctioning means a procurement method wherein bidders are invited to bid on specified goods or nonprofessional services through real-time electronic bidding, with the award being made to the lowest responsive and responsible bidder.

  • Reverse auctioning shall not be used for the acquisition of any services for construction projects or for the acquisition of any other services.

  • Standard deviation (SD) of WLBC seems highest in comparison with others and WLB total SD is low [Table 1].

  • Facilities on the sensor shall include: • Fan high, medium and low speed selector • ON/OFF switch • Temperature set point • Temperature digital readout • Power 'ON' indicator • Set back default setting (economy / normal) • Reverse auctioning of the temperature controls depending on the temperature of the water supplied to the coil.


More Definitions of Reverse auctioning

Reverse auctioning. ’ means a procurement process of where bid- ders are invited to bid on specific materials, goods or wares through real- time electronic bidding, with the award being made to the lowest re- sponsible and responsive bidder; during the bidding process, bidders’ prices are revealed and bidders shall have the opportunity to modify their bid prices for the duration of the time period established for the bid opening; and
Reverse auctioning means an on-line procurement method wherein bidders bid on specified goods and nonprofessional services through real-time electronic competitive bidding, with the award being made to the lowest responsive and responsible bidder. During the bidding process, bidders' prices are public and are revealed electronically, and bidders shall have the opportunity to modify their bid prices for the duration of the time period established for the auction.

Related to Reverse auctioning

  • Reverse auction means a procurement method in which offerors are invited to bid on specified goods or services through online bidding and real-time electronic bidding. During an electronic bidding process, offerors’ prices or relative ranking are available to competing offerors and offerors may modify their offer prices until the closing date and time.

  • Dutch Auction means an auction (an “Auction”) conducted by Holdings or one of its Subsidiaries in order to purchase any Term Loans under a Tranche (the “Purchase”) in accordance with the following procedures or such other procedures as may be agreed to between the Administrative Agent and the Borrower:

  • Auction shall have the meaning specified in Section 2.1 hereof.

  • Adverse System Impact means a negative effect that compromises the safety or reliability of the electric distribution system or materially affects the quality of electric service provided by the electric distribution company (EDC) to other customers.

  • Engineer means the representative of the Architect/consultant.