A reverse auction is a type of auction in which the roles of buyer and seller are reversed. In a regular auction, buyers compete to obtain a good or service by offering higher and higher prices, whereas in a reverse auction, suppliers offer lower and lower prices.
If you want to publish a purchase requirement, in the main panel or in My Purchases, you will see a button that says "New publication". Fill in as much detail as possible in all fields (it is very important as the more data you provide, the better the Supplier User will understand) in field 1, press the "Add items" button (you can add up to 15 products per publication) in field 2 and then "Save" to make a publication effective.
From the time the purchase requirement is published, until the day and time of the auction end set by the Buyer User. You will see it like this: Remaining time: 04d 19h 37m 24s.
There is no minimum amount, you just have to bid less than the previous bid
When a Buyer User publishes a purchase requirement, Supplier Users are automatically enabled to bid. The bid becomes effective by entering a whole number or decimal place less than the previous bid, or directly if there is no previous bid, and clicking "Place bid"
There is no maximum number of categories, but per process you can add up to 15 products.
Yes, below the published products, you will find a space where you can ask any questions you have about the item you want to bid on. Remember that explicit contact details and insinuations are not allowed as the reverse auctions are anonymous until the deadline expires, at which point you can contact your counterparty.
The Supplier User who has made the lowest bid will be obliged to comply with the bid in the manner and under the conditions set by the Buyer User. In the same way, the User who has made a counter-offer shall also be obliged to comply with it when this has been expressly accepted by the Seller under the mechanism established by the Site for this purpose. Although The Site cannot oblige the Buyer User to complete the purchase-sale, the Seller User may take any legal action against the Buyer User that it deems appropriate to obtain the fulfilment of its obligation.
Wadaboo reserves the right to cancel the Account of a User who has breached his obligations arising from a purchase-sale, or if his conduct is found to be intended to harm other Users
Once the reverse auction is declared over, the buyer can republish their purchase process.
If the Supplier User will not be contacted within the term foreseen in point number 13, the Buyer User can contact us at info@openauction.finance so that we can assign the next Supplier User.
A reverse auction is terminated when the remaining time reaches 0, it is no longer listed under "Active listings"
Within a maximum of 15 days, unless one of the two Users expressly tells us that they need an extension at info@openauction.finance
If due to force majeure the transaction cannot be completed, and the transaction has to be cancelled, the interested party would have to send an email to info@openauction.finance