HOME | RFP / PROCUREMENT HOME | MY ACCOUNT |  REGISTER |  LOGIN  | HELP
April 26, 2018 3:23 am
Search Advanced Search
 
Browse

Frequently Asked Questions

  Reverse Auction - How to Bid   Help Index  
Placing a Reverse Auction Bid
"Bidding on a Reverse Auction"


Online "Reverse Auctions" RFP's work under a different set of rules and conditions than you encounter with the traditional "Low Sealed Bid" format for corporate, government and school projects.
Buyer's Budget Ceiling Price:

In the Reverse Auction RFP, the buyer will provide a "Budget Ceiling Price" when they create the Reverse Auction.

The ceiling price is a budget number and bidders cannot bid above the price ceiling. In effect this number is the maximum price the buyer is will to pay for his auction.

The price ceiling is not visible to sellers, if you place a bid above the ceiling price number, your bid will be rejected and you must submit a new lower bid until your bid comes under that number.If you find the budget number is lower then you want to go, don't bid any lower.

Buyers should create a realistic budget number, based on earlier pricing or market pricing. failure to do so will mean few if any suppliers will post a bid.
Buyer Reverse Price Limits: The lowest budget number a buyer can set is $ 50,000.00. If a Buyer sets a Budget of 52,000 dollars, bidders can still bid under the Buyers 50,000 dollar limitation.

This budget limit is in place due to the fact that low value Reverse Auctions does not generate much seller interest.
Auction Post Time: This is the time the project is created.

Auction Start Time: This the time the auction opens and bids can be placed.

Auction Closing Time: This is the expect auction closing time. iSolar Exchange use a anti-snipe feature. Any bid placed in the final 5-minutes of the auction will automatically extend the auction closing time for another 10-minutes.
Once no bids have been placed in the final 5-minutes, the auction will close. This feature is in place to provide a level playing field among bidders due to internet or computing speed.

Auction Time Changes: The Buyer can modify the start and closing time, and upload additional documents prior to the bid start time. Members who are on an invited bidder list will be notified via e-mail of any changes. Once the bid "start time" is reached, no additional time or upload changes can be made
Documents Updates: Documents can be updated up until the bid start time. Documents and specifications can be downloaded and reviewed by bidders.

Auction Forum: Each Reverse Auction has its own forum for sellers and buyers to communicate with each other. The forum maintains a public record of all communications between interested parties.

Members should check the project on a regular basis to track and questions & answers. The forum is located on the Auction Bid Page.

Auction Tracking: Public Reverse Auctions, members interested in tracking or bidding can track changes by signing up with the RFP Watch Feature.

Reverse Auctions RFP's that can be viewed by the general public and bid upon by the general public.

Public Bids-Closed: Reverse Auction RFP's that be viewed by the general public, but only invited bidder can submit bids.

Private Bids: Reverse Auction RFP that can only be viewed and bid upon by invited bidders.This Private Reverse Auction RFP allows the buyer to pre-qualify Bidders or to use existing suppliers. The general public is completely unaware a Private Bid Reverse Auction is in progress.

Bidding: Reverse Auction bidders can submit as many bids as they want. Supplier bids can be lower or higher than the current low bid.

ONLY THE LOWEST BID COUNTS, if you place a higher bid after placing a lower bid, the low bid is the only valid bid. Once a Bidder places a bid, bidder cannot withdraw the bid.

Bid Views: When Public Reverse Auction RFP's are in progress, anyone can view the bids on the RFP Bid Page. With Private Reverse Auction RFP's, only the buyer and invited bidders can view the bidding. The RFP Bid page maintains a list of bidder user names and their bid amounts. The RFP Bid Page refreshes every 30-seconds, this updates all bids. Bidder can increase the update rate by refreshing RFP Bid page with their browser.

Bid Tracking: Bidders can track bids being placed on specific auctions by using the "RFP Watch Feature"Bid Closing: All bidders will receive an e-mail listing the low bidders (user names) and the bid amounts.

Bid Award: The Auction system will automatically award the RFP to the low bidder. When a Reverse Auction RFP closes, all bidders, the buyer and ESolar Exchange will receive an e-mail listing the bidders (user names) and the bid amounts.

Bid Tie: In the event of a tie, the system with award the winning bid to the supplier who placed the bid first.

Buyer Contact Information: The winning bidder will receive e-mail notification, and must log onto seller's control panel, click on Buyers Information where you will be required to complete the iSolar Exchange Service Transaction fee on PayPal.

Bidder Contact Information: Once the Auction Fee is paid, both the bidder and buyer are provided with each other's contact information.

Bidder Rejection: In the event the Low bidder is not qualified, cannot provide a performance & payment bond if required, or cannot or will not meet the buyer's specifications or terms, the Buyer can contact iSolar Exchange and the award will be withdrawn from the low bidder and awarded to the next qualified low bidder.
Bid Tactics: Reverse Auctions are different than traditional Sealed Bids. Reverse Auctions take planning, as these are real time events. Many times the actual bidding window will be very small. Bidders should have an opening price and a bottom line low price already worked out prior to the bid. Most of the bidding will occur in the final minutes of the Auction. With the bidder able to bid either below or higher than the current low bidder, bid and time placement can be important.




Top 



<?=?>




Home   |   About Us   |  Contact Us   |   Create RFP   |   Register   |   Login   |   Forums   |   Terms & Conditions   |   Help

Copyright © 2011 - iSolarExchange, Inc. - Connecting Solar Buyers and Sellers