Common use of Auctions Clause in Contracts

Auctions. The Contracting Body shall be entitled to formulate its Statement of Requirements in accordance with paragraph 3 above and invite the Supplier to a Further Competition Procedure using a reverse auction in accordance with the rules laid down by the Contracting Body and in accordance with the Regulations, prior to the commencement of any such Further Competition Procedure. The Supplier acknowledges that Contracting Bodies may wish to undertake an electronic reverse auction, where Framework Suppliers compete in real time by bidding as the auction unfolds ("Electronic Reverse Auction"). Before undertaking an Electronic Reverse Auction, the relevant Contracting Body will make an initial full evaluation of all tenders. The Contracting Body will inform the Framework Suppliers of the specification for the Electronic Reverse Auction which shall include: the information to be provided at auction, which must be expressed in figures or percentages; the mathematical formula to be used to determine automatic ranking of bids on the basis of new prices and/or new values submitted; any limits on the values which may be submitted;