What is Tender Cum Auction ? | Reinforce : Civil engineers Training Institute

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In this session, we are discussing,
Tender Cum Auction and its process and types:-
Tender cum Auction is a combination of tender followed by Auction.
There are 2 types of Tender Cum Auction :
1. Forward Auction: A bidder can quote over and above the starting price or current Auction Price. This auction is mostly used by procuring entities (clients) to sell items.
In the forward Auction, several Buyers bid for one seller well.
2. Reverse Auction: A Bidder can Quote below the starting price or current Auction price. This Auction is mostly used by procuring entities to buy items. In Reverse Auction, Several sellers bid for one buyer's order.
During Auction, the identity of the bidders is not disclosed either to other bidders or to procuring entities.
The participating bidders get an opportunity to reduce their prices in case of to reverse auction. It allows bidders multiple opportunities to offer a price.
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