What is a reverse bid
This query is : Open
CA Shree Kant Ojha
(Querist)
26 October 2013
please tell me reverse Bid, is it right there is a small buy a big firm.
Nikhil Kaushik
(Expert)
27 October 2013
In a normal bidding process, the seller puts a base price and the bidders bid against each other with each bid higher than the earlier one.
In the reverse bid, there is one buyer and several sellers. Thus, the role reverses. the sellers bid against each other with each bid lesser than the previous one. the lowest bid is accepted.
It has nothing to do with the small firm buying a big firm.
In the reverse bid, there is one buyer and several sellers. Thus, the role reverses. the sellers bid against each other with each bid lesser than the previous one. the lowest bid is accepted.
It has nothing to do with the small firm buying a big firm.
CA Shree Kant Ojha
(Querist)
30 October 2013
thanks mr Nikhil
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