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.

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

• In case RINL wishes to conduct Reverse auction, the same shall be communicated to all the techno comme rcially qualified bidders at an appropriate time.

• In case SBI decides not to go for Reverse auction procedure for this tender enquiry, the price bids and price impacts, if any already submitted and available with SBI shall be opened as per SBI standard practice.11.

• Without this the Contractor/ Vendor will not be eligible to participate in the event.7. Reverse auction will be conducted on schedule date & time.8. At the end of reverse auction event, the lowest bidder value will be known on the network.9. The lowest bidder has to mail the duly signed filled-in prescribed format as provided on case-to-case basis to SBI through service provider within 24 hours of auction without fail.10.

• Without this the Contractor/ Vendor will not be eligible to participate in the event.7. Reverse auction will be conducted on schedule date & time.8. At the end of reverse auction event, the lowest bidder value will be known on the network.9. The lowest bidder has to mail the duly signed filled-in prescribed format as provided on case-to- case basis to SBI through service provider within 24 hours of auction without fail.10.

• Failure of power at the premises of vendors during the Reverse auction cannot be the cause for not participating in the reverse auction.

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 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 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;