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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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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.
Any entity or individual looking to purchase goods or services using the reverse auction method may be required to file a 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.
The purpose of reverse auction is to drive down prices by creating competition among sellers bidding for a buyer's business.
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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