Examples of Reverse auctioning in a sentence
Reverse auctioning had been effectively used by the Defense Logistics Agency and other government agencies.
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.
XxXxxx to deliver a duly executed resignation of the Board of Trustees under the Declaration and shall deliver such other instruments reasonably requested by Buyer as necessary to appoint such representatives selected by Buyer pursuant to the provisions of the Declaration as the members of the Board of Trustees in place of the current members of the Board of Trustees.
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.
Reverse auctioning is effective because it can serve to benefit both buyers and sellers by providing a consolidated marketplace that is both easily accessible and user friendly.
Reverse auctioning, an Internet-based business practice, was first used during FY2000 for selected commodities.
Reverse auctioning is a saving strategy in terms of cost and procurement time.
Reverse auctioning can be thought of as much more than a price lowering mechanism today, Indeed, buyers increasingly view reverse auctions as “a time-saving tool” that allows them to focus on more value-added functions in their jobs that handling bids, paperwork, and routine communications [37].
Reverse auctioning will not be utilized under the subsequent discussions or award.
Reverse auctioning allows potential suppliers to adjust their proposed price on-line as they react to the proposed prices of their competitors.