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.
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Reverse auctioning means a procurement method wherein bidders are invited to bid on specified
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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.
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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 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.
Sample 1
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
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Related to Reverse auctioning

  • 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.

  • public auction means a method of sale where goods or services are offered by the trader to consumers, who attend or are given the possibility to attend the auction in person, through a transparent, competitive bidding procedure run by an auctioneer and where the successful bidder is bound to purchase the goods or services;

  • E-Auction Process /”E-Auction” shall mean the electronic auction process for sale of the Company conducted in accordance with the provisions of IBC, Liquidation Process Regulations, Applicable Law(s) and this E- Auction Process Information Document inviting Bid from the Bidders for consummating the sale of Company on going concern basis in accordance with the provisions of IBC and Liquidation Process Regulations;

  • 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:

  • LIBOR Auction means a solicitation of Money Market Quotes setting forth Money Market Margins based on the London Interbank Offered Rate pursuant to Section 2.03.

  • electronic auction means an iterative process that involves the use of electronic means for the presentation by suppliers of either new prices, or new values for quantifiable non-price elements of the tender related to the evaluation criteria, or both, resulting in a ranking or re-ranking of tenders;

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

  • Incremental Auction means any of several auctions conducted for a Delivery Year after the Base Residual Auction for such Delivery Year and before the first day of such Delivery Year, including the First Incremental Auction, Second Incremental Auction, Third Incremental Auction or Conditional Incremental Auction. Incremental Auctions (other than the Conditional Incremental Auction), shall be held for the purposes of:

  • Absolute Rate Auction means a solicitation of Money Market Quotes setting forth Money Market Absolute Rates pursuant to Section 2.03.

  • Loose-fitting facepiece means a respiratory inlet covering that is designed to form a partial seal with the face.

  • Business Property means property on which a business is conducted, property rented in whole or in part to others, or held for rental.

  • Engineer means the representative of the Architect/consultant.

  • Tight-fitting facepiece means a respiratory inlet covering that forms a complete seal with the face.

  • Assembly means the Assembly of Heads of State and Government of the African Union;

  • Base Residual Auction means the auction conducted three years prior to the start of the Delivery Year to secure commitments from Capacity Resources as necessary to satisfy any portion of the Unforced Capacity Obligation of the PJM Region not satisfied through Self- Supply.

  • Tube housing assembly means the tube housing with tube installed. It includes high-voltage and/or filament transformers and other appropriate elements when such are contained within the tube housing.

  • Hydrozone means a portion of the landscaped area having plants with similar water needs. A hydrozone may be irrigated or non-irrigated.

  • Concern means any business entity organized for profit (even if its ownership is in the hands of a nonprofit entity) with a place of business located in the United States or its outlying areas and that makes a significant contribution to the U.S. economy through payment of taxes and/or use of American products, material and/or labor, etc. It includes but is not limited to an individual, partnership, corporation, joint venture, association, or cooperative. For the purpose of making affiliation findings (see 19.101) any business entity, whether organized for profit or not, and any foreign business entity, i.e., any entity located outside the United States and its outlying areas.

  • Flocculation means a process to enhance agglomeration or collection of smaller floc particles into larger, more easily settleable particles through gentle stirring by hydraulic or mechanical means.

  • Fabrication means making up data or results and recording or reporting them.

  • Adverse impact means any deleterious effect on waters or wetlands, including their quality, quantity, surface area, species composition, aesthetics or usefulness for human or natural uses which are or may potentially be harmful or injurious to human health, welfare, safety or property, to biological productivity, diversity, or stability or which unreasonably interfere with the enjoyment of life or property, including outdoor recreation.

  • Filter means material placed in the useful beam to preferentially absorb selected radiations.