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.
Reverse Bidding means that the bidders will quote the price /unit cost of solar project below maximum ceiling price/unit being set by UPNEDA;