Business Pitch Dictionary by pitch.dog
Procurement evaluation & award · Core

Reverse auction

Also called: e-reverse auction

ELI5

An auction in which suppliers compete by lowering price or improving terms.

Used in conversation

“Document the approval for reverse auction before the award is announced.”

Pitch context

You will see “Reverse auction” in operating plans, procurement packs, supplier reviews and supply-chain reports when the discussion reaches procurement evaluation & award.

Why it matters: In procurement evaluation & award, a loose definition can change rights, obligations, approval, disclosure or enforceability.

Caution

Meaning, enforceability and required process vary by jurisdiction and agreement; this definition is not legal advice.

Sources & evidence · 3

Direct term-level sources and supporting source families.