Reverse Bidding definition

Reverse Bidding means (1) an offer by an intended purchaser to a seller to pay a designated price for the specified material, supplies, equipment, services and printing; (2) the buyer uses the electronic marketplace to set a date and time for interested vendors to bid on certain commodities, an opening bid is made, and other vendors follow by bidding downward until no one chooses to sell to the buyer at a lower price.
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Reverse Bidding means that the bidders will quote the price /unit cost of solar project below maximum ceiling price/unit being set by UPNEDA;
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Related to Reverse Bidding

  • collusive bidding or “bid rigging” means any agreement, between enterprises or persons engaged in identical or similar production or trading of goods or provision of services, which has the effect of eliminating or reducing competition for bids or adversely affecting or manipulating the process for bidding

  • Bidder/Bidding Company means Bidding Company submitting the Bid. Any reference to the Bidder includes Bidding Company / including its successors, executors and permitted assigns as the context may require;

  • 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.

  • Reverse auctioning means a procurement method wherein bidders are invited to bid on specified

  • Responsive Bidder or Offeror means a person who submits a bid or proposal which conforms in all material respects to the invitation for bids or request for proposals.