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BHARAT HEAVY ELECTRICAL LIMITED HEEPHARIDWAR, UTTARAKHAND (249403) General Instructions and Standard Terms & Conditions for bidding against Tender Inquiry (GIST)For Foreign Bidders (Version June2021,Rev:
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What is reverse auction?
Reverse auction is a type of auction in which sellers compete to obtain business from the buyer, and prices typically decrease as the sellers underbid each other.
Who is required to file reverse auction?
Any entity or individual looking to purchase goods or services using the reverse auction method may be required to file a reverse auction.
How to fill out reverse auction?
To fill out a reverse auction, a buyer must enter the specifications for the goods or services they require, set an initial price, and allow sellers to submit bids.
What is the purpose of reverse auction?
The purpose of reverse auction is to drive down prices by creating competition among sellers bidding for a buyer's business.
What information must be reported on reverse auction?
Information such as the specifications of the goods or services required, the initial price set by the buyer, and the bids submitted by the sellers must be reported on a reverse auction.
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