Participating in English Style Auction
Reverse auctions (or auctions depending on the direction of bidding) are known as “English auctions”.
During the auction period, the competition information is created repeatedly with reciprocal bids. Where the tender has a deadline or a time extension function, the tender will be finalized if no new bids are placed.
Let’s use a process example to see how English style tenders work in our system. (Important Note: Competition information/tender duration may vary according to the tender.)
The competition information created at the beginning of the tender will change with new bids received during the tender.
You can follow the changes in your bid in terms of quantity and rate from the Bid Change section located next to the tender counter.
You can try to get ahead in the competition by increasing or decreasing your bid according to the direction of the tender.
Where the tender has a time extension function, the remaining duration will be extended if new bids are placed in the last few minutes.