(1) The electronic reverse auction is to be conducted as a tendering procedure, and accordingly the provisions of chapter III of the Model Law apply unless they are inconsistent with the nature of an auction procedure.

Articles 33 (2) and (3) shall not apply to a procedure involving an electronic auction .

Consequently, as tendering is the general procurement method for goods and construction, the provisions enable an electronic reverse auction procedure that follows the pattern of the standard tendering method, adapted to provide for an electronic reverse auction.

Without further provision, this procedure would apply to the opening of the initial tenders submitted under article 47 bis (3), and auction anonymity would be compromised.

The sections below address aspects of pre auction, auction and post auction stages commonly regulated by ERA specific provisions of existing regulations.

Auction stage

Post auction

Pre auction stage

Invitation to auction

A. Pre auction period

Other pre auction measures

On the morning of August 9, before the beginning of the auction, Mr. Liu, a citizen, came to the auction site to wait, with his auction number in his hand.

The holding of the auction

The Brazilian system permits bidders to challenge the time fixed for the auction and request extensions of the auction.

(c) The procuring entity may also at any time announce the number of participants in the auction but shall not disclose the identity of any bidder during the auction until the auction has closed.

A minimum period of time is usually required to elapse between the issuance of the notice of auction or invitation to the auction, as the case may be, and the opening of the auction.

Disclosure of information during the auction

Immediately after abortion of an auction, the reasons for the abortion shall be communicated at the Internet address fixed in the auction rules to those bidders who were last in participating in the auction (para.

Because we had this auction, you see.

(b) Procuring entities must provide instantaneously communicate to all bidders on a continuous basis during the auction with sufficient information to enable each to establish its own current ranking in the auction whether it has the top ranking in the auction to establish the changes needed to any bid to give it the top ranking in the auction

(5) The procuring entity shall allow a period of time to elapse between the issuance of the invitation to participate in the electronic reverse auction and the opening of the auction sufficient so as to ensure sufficient participation in the auction.

It went for 20 billion pounds through auction.

(5) Paragraph 4 (d) addresses the registration of prospective participants, a procedure that involves assigning an identification code and password to allow the participants to log in to the system to participate in electronic reverse auction, giving security information if necessary.

The Austrian law adds to that a possibility of terminating an auction by a procuring entity if serious reasons objectively justify ( abortion of the auction ).

Most information related to an ERA is made available to participants already at the stage of advertising a notice of auction, in particular in the auction rules.

(iii) The website address at which the electronic reverse auction will be held, and at which the auction rules, the tender and other relevant documents will be accessible

Requiring initial tenders to include all features, including those to be presented through the auction, may assist the procuring entity in setting a starting price for the auction.

In addition, only features of tenders that are quantifiable as price equivalents so as to allow for automatic evaluation during the auction itself may be presented through the auction.

(7) Where appropriate, any reference to a tender in the Model Law the reference to a tender in articles see paragraphs 33 and 34 below shall be read to include a reference to an initial tender submitted in a procedure involving an electronic reverse auction.

In some systems, the law requires the name of the successful bidder to be communicated immediately after termination of the auction to the Internet address fixed in the auction rules.

However, the design itself is not itself evaluated during the auction.

(1) An electronic reverse auction (electronic reverse auction) can be defined as an online, real time dynamic auction between a buying organization and a number of suppliers who compete against each other to win the contract by submitting successively lower priced or better ranked bids during a scheduled time period.

(2) The auction shall be closed in accordance with the precise method, dates and times specified in the solicitation documents or in the invitation to participate in the auction, as follows

According to Xiao Lei, all the 45 cars at this auction have been auctioned in excess of their auction starting prices with the total starting price being 998,500 yuan and the total transaction price 2,626,000 yuan. This total transaction price is a little higher than the anticipation price of the auction company.

Article 47 bis provides that the electronic reverse auction is to be suspended abrogated should the number of bidders drop below that minimum before the opening of the electronic reverse auction itself.

One of the inherent features of an ERA is that it enables current information about the status of the auction to be provided to bidders automatically and instantaneously as an auction unfolds.

(xi) The criteria that shall determine the closure of the auction and

Article 47 ter. Conduct of electronic reverse auctions during the auction itself

insert further guidance as regards closure of auction see paragraph 30 above .

In some systems, anonymity of bidders is preserved also after the auction.

The software used for the auction may provide for the closure to be effected electronically or the procuring entity may close the auction, with safeguards in place to avoid the risk of abuse.

Post auction evaluation of qualifications is limited to the verification of legal, economic and financial information of the company, its fiscal compliance, and compliance with possible additional requirements contained in the notice of auction.

If I controlled the Internet, you could auction your broken heart on eBay.

Article 47 bis. Conduct of electronic reverse auctions in the pre auction period

(ii) The date and time of the opening of the electronic reverse auction