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(www.abcprocure.com) |
e-Auction is the best negotiation tool currently available in the market to fetch in better prices for disposal or procurement of goods due to its unique feature which allows the bidders to revise their bids as many times as they want within the pre-defined time to stay in competition.
Forward Auction
In this mode of auction, the authority floating the auction intends to dispose of some of their materials (scrap) to the prospective buyers. The buyers can revise their bids as many times by incrementing their last bid by a pre-defined value. And finally when the auction is over, the bidder quoting the highest price bags the order.
Reverse Auction
This is an extension of the tendering process, the only difference being that the bidders can revise their bids as many times during the auction period to stay in competition. The prospective sellers revise their bids by decrementing their last bid by a pre-defined value. When the auction time is over, the seller who quotes the lowest is considered as the winner.
Both PKI and Non-PKI version are available for our e-auction engine. We have an auto extension facility available wherein whenever a bid is received within the last five minutes, the auction time automatically gets extended by another ten minutes. This is to give equal opportunity to other bidders who might be interested to revise their quotes. Similarly our engine has the features of pause auction, proxy bidding, graphical reports etc. Our engine is very easy to use having a single screen interfaces and also supports different variants of auction like English, Dutch, and Yankee, Rank auction, Mask – Unmasked, Open-Limited etc. |
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