What is Reverse Bidding or Reverse Auction?

The Reverse bid process is a negotiation methodology helping both suppliers and buyers in negotiating online in a stipulated timeframe. In a reverse auction, the buyer puts up a request for a required good or service. Sellers then place bids for the amount they are willing to be paid for the good or service, and at the end of the auction the seller with the lowest amount wins.

In Reverse bid process, user can offer their best prices in the Rev. Unit price column and click on the Make a Bid option to submit their revised prices to the buyer, there is no limit on the number of bids to be submitted by the Supplier during the negotiation timelines. 

The user can review his position during the negotiation by referring to the Rank on the screen. 

Example: if the Rank is 2, the current bid amount of user stands in the L2 position.