How the Reverse Auction Stage Works in Commercial Procurement
A reverse auction is one of the stages for conducting procurement in an electronic format, usually taking place after proposals have been collected. The auction in procurement is a mechanism for ensuring competition, during which suppliers who have submitted proposals for the procurement place lower bids. General Information The auction takes place in rounds. During one round, suppliers take turns placing bids. An auction in commercial tenders lasts a minimum of 3 and a maximum of 30 rounds. The auction concludes either automatically after the 30th round, or earlier (but not before the 3rd round) if no supplier has lowered…
