Here is a list of terminology you may encounter while creating a Reverse Auction.
Active Submissions: All current complete submissions for this project.
Bid Ceiling: All vendor bids must be lower than the Bid Ceiling. This field needs to be unlocked in order to input an amount. This avoids the risk of the field being left blank and interpreted as $0.
Bid Decrement Amount: This is the amount by which any new bid must be less than the current bid, as determined by the the Bid Rule.
Bid Rule: The Bid Rule defines the constraints on new bids for vendors.
- Best Overall: New bids must beat the leading bid by at least the Bid Decrement Amount.
- Personal Best: Vendors can place a bid at any price as long as it is lower than their previous bid by at least the Bid Decrement Amount, regardless of the bid prices of other vendors.
Can Compare Bids: Vendors can compare their bid with other bids by rank and by price. The Buyer has control over whether Bidder names are visible or hidden to other bidders.
Current Spend: Current Spend is the amount of money you would expect to pay without running this auction. Vendors cannot see this.
Data Slot: This is a Data Field that would be requested as part of Required Information of a submission. Usually a dollar amount for a particular item, service, fee or total cost.
End Date / Time: This is the earliest the auction will end. If you set a non-zero Extension Period and Extension Amount, then the auction could end later depending on when vendors stop bidding.
Extension Amount: If any vendors bid within the Extension Period, the auction's End Date / Time will be extended by this amount of time
Extension Period: If any vendors bid with less than this amount of time remaining before the end of the auction, the auction's End Date / Time will be extended by the Extension Amount.