Reverse Auction

  • A reverse auction is a type of auction where there are multiple sellers, and one buyer and the sellers aim to outdo their competition by bidding the lowest possible price for goods and services placed for auction.
  • This type of auction reverses the role of sellers and buyers, which means instead of buyers, sellers bid prices for items.
  • Bidding for government contracts is an example of reverse auctions.
  • In this type of auction, governments specify requirements for the project and bidders, who are approved contractors, to come up with a cost structure to finish the ....
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