_____ are competitive bidding systems that allow suppliers to submit multiple bids within a fixed time.

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22-08-2022
Business

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_____ are competitive bidding systems that allow suppliers to submit multiple bids within a fixed time.

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QWCyan QWCyan · Answer 1 · 2022-08-29T18:27:57+02:00

Online reverse auctions are competitive bidding systems that allow suppliers to submit multiple bids within a fixed time.

Competitive bidding is a type of selection process in which suppliers submit their bids to win the buyer's business. This type of bidding is used when the price is the most important factor. This is used when there are a large number of equally qualified bidders who are willing to compete with each other.

Online reserve auctions are sometimes carried on to make the prices of bidding lower. The selection decision happens faster using this method. The major drawback of this form of bidding is that the supplier may not be qualified and have performance issues. Online Reserve auctions may also spoil the relationships with suppliers if they feel they are not treated properly or fairly.

Learn more about online auctions here:

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