Reverse auction definition

Reverse auction means a purchasing process in which offerors submit proposals in competing to sell services or supplies in an open environment via the internet.

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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.

Reverse auction means a procurement method in which bidders are invited to bid on supplying specified materials over the Internet in a real-time competitive bidding event.

Examples of Reverse auction in a sentence

AND WHEREAS Government of Maharashtra vide its Letter dated 0 1 s t J a n u a r y 2 0 1 9 allowed MSEDCL to procure power from Bagasse based Cogeneration project under Reverse auction bidding process at the ceiling price of Rs. 4.75 per unit.
AND WHEREAS Government of Maharashtra vide its Letter dated 3 1 s t J a n u a r y 2 0 1 8 allowed MSEDCL to procure power from Bagasse based Cogeneration project under Reverse auction bidding process at the ceiling price of Rs. 5 per unit.
If a Bidder places a bid price in last 10 minutes of closing of the Reverse auction, the auction period shall get extended automatically for another 10 minutes.
Computerized Reverse auction shall be conducted by SBI, on pre-specified date, while the Contractor/ Vendors shall be quoting from their own offices/ place of their choice.
Tender Schedule No. CT: TS: 10/ 23 -24 Name of the contact person assigned for Reverse auction Mobile & Land line Number E-mail id FAX No. (if available) (To be given in Vendors Letter head if not possessing EPF / ESI / Both (EPF & ESI) at the time of submission of the tender) To: Sir, Sub: Declaration of EPF & ESI Submission – Reg.

More Definitions of Reverse auction

Reverse auction means a real-time, structured bidding process, usually lasting less than one (1) hour, and taking place at a previously scheduled time and Internet location, during which multiple bidders, anonymous to each other, submit revised, lower bids to provide the solicited good or leased space.

Reverse auction means an automated bidding process conducted online that starts with an opening price and allows qualified bidders to counteroffer a lower price for multiple rounds of bidding.

Reverse auction means a competitive online solicitation process on the

Reverse auction means an on-line bidding process in which qualified bidders or qualified proposers, anonymous to each other, submit bids or proposals to provide goods, services or supplies pursuant to an invitation to bid or request for proposals; [and]

Reverse auction means an online auction in which bidders bid against each other to win the Town’s business. Typically used to acquire commodities from multiple pre-qualified bidders. Also referred to as e-auction;

Reverse auction means an auction where bidders submit progressively lower bids versus a bidder’s initial bid, with the winner submitting the lowest responsible bid, rather than a standard auction process where the highest bid wins.

Reverse auction means a process by which a bidder may submit more than one bid if each subsequent response to online bidding is at a lower price.