Setting up a reverse auction

Set up reverse auctions at the event line level.

To set up a reverse auction

  1. Create a new or update an existing event.
  2. Optional. If you are creating a new event and all event lines can be a reverse auction, set the following fields on the event (Event tab).
  3. If event lines already exist, or only some event lines can be a reverse auction items, set the following fields on the appropriate event lines:
    Lowest Bid Option

    Use this field to indicate if an event line should be a reverse auction, where each supplier must enter a price equal to or less than the lowest price currently submitted. Select Less Than Lowest Bid or Less Than or Equal To Lowest Bid. This field is not allowed on sealed bid events.

    Display Lowest Bid Amount To Supplier

    Select this field to display the current lowest bid amount on the Supplier Portal. This field must be checked if the Lowest Bid Option is set. This field is not allowed on sealed bid events.

    You can select this field without the Lowest Bid Option if you just want suppliers to see the lowest bids, but not be required to enter the low bid.

    Require Full Quantity

    Use this field to indicate if a supplier must enter the full line quantity when responding to an event.

  4. Click Save.
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