Procontract Buyer Help

Forward Auctions

Background

A forward auction is the term used to describe an auction where those participating increase their bids during the auction in order to try and purchase the commodity. This is used by organisations looking to sell a good or a service to the participating bidders, rather than to purchase as with a reverse auction.

As a result the auction will result in the supplier that has the highest bid purchasing the good or service from the organisation.

There is an option that can be applied when going through the auction setup to make it a forward auction. Please see the eAuction Setup Guide for further information on setting up the auction event.