Reverse Auction Sample Clauses
A Reverse Auction clause establishes a process where sellers compete to offer the lowest price for goods or services to a buyer. In practice, the buyer invites multiple suppliers to submit bids, and the suppliers can see competing offers and adjust their prices downward in real time until the auction closes. This mechanism is commonly used in procurement to drive prices down and ensure the buyer receives the most competitive offer, ultimately promoting cost savings and transparency in supplier selection.
POPULAR SAMPLE Copied 1 times
Reverse Auction. Wherever RA is declared in the special terms and conditions of tender enquiry, following shall be applicable and Bidders to confirm the same: <BHEL shall be resorting to Reverse Auction (RA) (Guidelines as available on ▇▇▇.▇▇▇▇.▇▇▇) for this tender. RA shall be conducted among all the techno−commercially qualified bidders. Price bids of all techno−commercially qualified bidders shall be opened and same shall be considered as initial bids of bidders in RA. In case any bidder(s) do(es) not participate in online Reverse Auction, their sealed envelope price bid along with applicable loading, if any, shall be considered for ranking.=
Reverse Auction. Notwithstanding any other procedural requirements of this section, a municipality may contract to purchase supplies, materials, and equipment using an electronic purchasing process in which vendors compete to provide the supplies, materials, or equipment at the lowest selling price in an open and interactive environment. A municipality may not use this process to contract for services, as defined by section 16C.02, subdivision 17, or a service contract, as defined by section 16C.02, subdivision 7a. Nothing in this subdivision must be construed to prohibit a municipality from adopting a resolution, rule, regulation, or ordinance relating to minimum labor standards under subdivision 7, or procurement from economically disadvantaged persons under subdivision 8.
Reverse Auction. In case of Reverse Auction, the successful bidder shall undertake to execute the work as per overall price offered by him during the Reverse Auction process. In case of omission of rates, the procedure shall be as per „Guidelines for Reverse Auction‟ enclosed.
Reverse Auction. “BHEL shall be resorting to Reverse Auction (RA) (Guidelines as available on ▇▇▇.▇▇▇▇.▇▇▇) for this tender. RA shall be conducted among all the techno-commercially qualified bidders. “Price bids of all techno-commercially qualified bidders shall be opened and same shall be considered as initial bids of bidders in RA. In case any bidder(s) does not participate in online Reverse Auction, their sealed envelope price bid along with applicable loading, if any, shall be considered for ranking.”
Reverse Auction. Applicable (As per GeM Rule)
Reverse Auction. 34.1. Based on H1 elimination rule as per GeM GTC.
Reverse Auction. Notwithstanding any other provision of this Section and in accordance with rules adopted by the chief procurement officer, that chief procurement officer may procure supplies or services through a competitive electronic auction bidding process after the chief procurement officer determines that the use of such a process will be in the best interest of the State. The chief procurement officer shall publish that determination in his or her next volume of the Illinois Procurement Bulletin. An invitation for bids shall be issued and shall include
Reverse Auction. Wherever RA is declared in the special terms and conditions of tender enquiry, following shall be applicable and Bidders to confirm the same:
Reverse Auction. The ‘bid decrement’ will be decided by BHEL.
Reverse Auction. In case price discovery through reverse auction has been envisaged in a tender, SAIL may or may not resort to reverse auction as a part of its procurement strategy, or for any other reason. Decision of SAIL, in this regard, will be final & binding.