If the buyer puts in the details of his approved suppliers, they are automatically invited to bid for the Reverse Chem Auction. New suppliers interested in bidding can request for authorization and will be allowed if the buyer approves them. Authorized suppliers will be issued specific user id and password, using which they can anonymously bid in the auction. The auction process is dynamic and set for a limited period of time based on the requirements of the buyer. After closure of the Reverse auction, the lowest bid will be informed to the buyer.
Any registered buyer can set up reverse auction.
However, the minimum auction value has to be Rs.5,00,000. On receiving the information we will complete the authentication formalities, after which you will be issued a user ID and password. You have the option of having multiple ID's, if your organization has multiple purchase decision-makers. We advise you to prevent them from falling into the wrong hands to avoid any unauthorized use. Now, carefully go through the fields and fill them appropriately.