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 purchasing process in which offerors submit proposals in competing to sell services or supplies in an open environment via the internet.
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
Bidders have to fax the Compliance form (annexure IV) before start of Reverse auction.
Vendors have to fax the Compliance form in the prescribed format (provided by Service provider) before start of Reverse auction.
Failure of power at the premises of vendors during the Reverse auction cannot be the cause for not participating in the reverse auction.
On acceptance of our technical bid, we undertake to participate in Reverse auction by way of login in Reverse auction tool.
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.
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 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 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 the method of auction where the bidders shall be required to successively quote the bid lower than the ceiling price, subject to such conditions as may be specified in the tender document;
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 a competitive online solicitation process on the
Reverse auction means a real‐time, structured bidding process, usually lasting less than one