electronic reverse auction definition

electronic reverse auction means an online real-time purchasing technique utilized by the procuring entity to select the successful submission, which involves the presentation by tenderers, suppliers or contractors of successively lowered bids during a scheduled period of time and the automatic evaluation of bids;

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

electronic reverse auction means an online realtime purchasing technique utilised by the procuring entity to select the successful submission, which involves presentation by bidders of successively lowered bids during a scheduled period of time and the automatic evaluation of bids;

electronic reverse auction means an online real-time purchasing technique utilised by the procuring entity to select the successful submission,

Examples of electronic reverse auction in a sentence

• 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.

• Reverse Auction may not start sooner than two (2) Working Days after the date on which the specification for the Electronic Reverse Auction has been issued.

• The Electronic Reverse Auction may not start sooner than two (2) Working Days after the date on which the specification for the Electronic Reverse Auction has been issued.

• Throughout each phase of the Electronic Reverse Auction the Contracting Authority will communicate to all Framework Suppliers sufficient information to enable them to ascertain their relative ranking.

More Definitions of electronic reverse auction

electronic reverse auction means an online real-time procurement technique utilized by the procuring entity to select the successful bid, which involves submission by technically qualified bidders of successively lowered bids during a prescribed period of time and the automatic evaluation of bids.”]3

electronic reverse auction means an online real-time purchasing technique 20

electronic reverse auction or “eAuction” means a procurement tool using web-based software that allows potential suppliers to compete online and in ‘real time’, providing prices for the goods/services under auction;

electronic reverse auction means the procurement method referred to in section 55;

electronic reverse auction means an online real-time purchasing technique utilized by the procuring entity or Offset Authorities to select the successful submission, which involves the presentation by obligors/suppliers or contractors of successively projects during a scheduled period of time.

electronic reverse auction means an online real-time purchasing

electronic reverse auction means an online real-time purchasing technique utilized by the procuring entity to select the successful submission, which involves presentation by suppliers or contractors of successively lowered bids during a scheduled period of time;