Customer Training Module- Reverse Auction

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Reverse Auction

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What is Reverse Auction?

In case of Reverse Auction Start bid Price & Bid decrement (Change price) will be
available in the bidding screen.

In this type of auction bidder can place their bid, which has to be either Start Bid Price or
lower than the start bid price and bid decrement should be equal or higher than the
change price as displayed on bidder screen. They can revise their bid “n” number of
times during the run time of the event.

Bidders who have placed a valid & accepted bid would be able to be see Current market
price on the bidding screen & leading bidder would be able to see a “hammer” sign on
his screen indicating he/she is the winning bidder at that moment.

Extension time of the auction is governed by the Auto –extension rule & No manual
extension is possible on request of any bidder.
 Steps for participation

1) Start bid price would be displayed in the start bid box.

2) By default the same start bid price would be reflecting in the new bid column &
effective bid column.
3) Bidder can change their bid by clicking in the “-” symbol or manually type their bid
in New Bid Box.
4) Select the left hand side check box.
5) Click on submit button in order to accept the start bid price
6) Incase of multiple markets submit your bid individually for each market one after the other.
Note:4 Decrease your bid amount either minimum by the change price or more
than the change price.

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Change price

“Modify watch list”- Please click

here and add new markets to
view them on bidding screen.
Start bid price

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Steps: Once you click on submit , Incase of your 1st bid a Pop up Message would be displaying the bidding basis of the
Auction for your confirmation. You can click on OK to submit your bid or cancel to edit.
4)If your Bid is accepted you can see Bid Accepted in the ”Result” column.
5) You can even see a small hammer in the “Bid Summary Screen”, which indicate you as a leading bidder in that market.
Note:
• Pls. remember that your bid value should be less than the Current Market Price by at least one decrement ( change Price) . At the start
of the auction your bid should be equal to or less than the Start Bid Price.
• You can use “+” “-” button provided along with the bid box to increase/decrease your bid amount. However please note that in
reverse auction you can not increase your price from your last quoted price. However please note that in reverse auction you
can not increase your price from your last quoted price.

4 Current market price

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Steps for Bid revision:

1) Bidders can click on the “-” symbol for bid revision & bid would be reduced as per the
bid decrement set for the auction and it would be display under the New bid column or they
can manually type their bid in New Bid Box. Same value as New Bid would be displayed
under the Effective bid column.
2)Click on the left hand side check box
3) Click on submit button .
4) In the result column it will be shown as Bid accepted.
5)Bidder can see their submitted Past submitted bid by clicking on the “Bid details” option.

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Auto Display of Rejected bid Message:
In case of Bid being rejected by the system, Reason of bid rejection would be displayed on bidding screen
automatically for few seconds and would disappear thereafter.
To see the message once again you need to click on Rejected link.
Note:
1)If hammer sign disappears from your screen this indicates that some other bidder is the L1 bidder, and in this case
you have to reduce your price to become L1 bidder.
2)If your bid is not accepted Bid Rejected will appear in the “Result” column. In this case you will need to revise your
bid.
3) Bid can be rejected, if your bid is higher or equal to the Current market price or not less than Current market price by
a at least one decrement.

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1)Bid will be Rejected If Effective bid is more than the start bid price. In the Result column
it will be shown as REJECTED .
Reason of bid rejection would be displayed on bidding screen automatically for few seconds
and would disappear thereafter. To see the message once again you need to click on
Rejected link.
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2)Bid reduction should be equal to or higher than change Price-from start bid in case of 1st
bid of auction.

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3)Bid reduction should be equal to or higher than change Price-from current market price in
case of subsequent bid of auction.

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4)Bid will be rejected if Effective bid is equal to or higher than current market price.

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5) Bid will be rejected If any bidder tries to quote a price in one go which is 50% or more lower
than start bid price(in case of first bid of the auction)

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6) Bid will be rejected if any bidder tries to quote a price in one go  which is 50% or more lower
than Current market price(for subsequent Bid of the auction)

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7) Bid will be rejected if quoted bid amount is less than boundary value which is pre-fed in
the back end of the system and is not visible to bidders during auction

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Warning Message(Scenario 1)
If your effective bid is less than start bid price by 10 % or more ( for 1st bid of auction)then a
Warning Message will be displayed with actual % difference from the Start Bid price as “ Your
effective bid is X % lower than the Start bid , Are you sure that you want to bid this price? Press OK to
confirm, CANCEL to edit your bid.”. Hence check your bid and then press OK to confirm or press
Cancel to edit your bid.

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Warning Message(Senario 2)
If your effective bid is less than Current Market price by 10 % or more ( for subsequent bid of
auction) then a Warning Message will be displayed with actual % difference from the Current Market
price as “ Your effective bid is X % lower than the Current Market Price, Are you sure that you want
to bid this price? Press OK to confirm, CANCEL to edit your bid.”. Hence check your bid and then
press OK to confirm or press Cancel to edit

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Additional Information 1:
Note:
• Bid Received Flag:
Bid Received Flag, wherever applicable, indicates whether the auction has received any bid or not. “Bid received” column will Indicate
following status for any auction.
 YES: It indicates that the auction has received a valid & accepted bid from any of the bidder attached to the auction
 NO: It indicates that the auction has not yet received any bid.
 N/A: It indicates that the ‘Bid received’ status is not applicable for the auction.

Please Note that Bid receipt flag, wherever applicable, displays the status of receipt of any bid in the auction. It does not indicate
status specific to the bid placed by you. Status of the bid placed by you can be seen under Result Column.
 

Bid Received Flag

Status Indication
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 Additional Information 2:
Amount in Word display of Start bid, New Bid, Effective Bid.
Bidder now would be able to view Start bid, New Bid & Effective Bid in word by pointing their curser
on respective fields.

Start bid price

New Bid
Additional Information 3:
View Of Last Auto Refresh Time& Manual Refresh Button :
Bid Summary screen of bidding screen is refreshed automatically in every 20 sec to display the latest
status of the auction, however the refresh rate may vary depending upon the internet connection
speed of your ISP/computer. In case any bidder observe any lag in auto refresh interval, they are
suggested to manually refresh the bid summary screen using the “Refresh” button to view the latest
status of the auction.
Note:
Bidders now would be able to view last refresh time in the bid summary screen.

Last Refresh Time

Manual Refresh Button

 Things To Remember…

1.‘Time Remaining’ shows the time left for auction to end in the Bid Summary Screen.

2.‘Number of LIVE Markets' indicate the product for which auctions are live.(i,e How many markets or how
many auctions are running live.)

3.For further queries, you will only call on ‘Auction Room Phone Numbers’.

4.To log out of the site click on Sign Out option.

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How to submit your price break up after auction:
• After the competition of the auction incase you are L1 / have matched the L1price or as
applicable and stated the RFQ /Auction notice, you have to submit the item wise price break
up in the format as stated in the Auction notice (Annexure-4)or RFQ.

• The price break up has to on the price basis quoted during the online event as the case may
be ( eg. LCNC, LCNV, etc)

• For any clarification related to taxes applicable, clarify prior to start of auction.

• All the price break up have to be sent to company letterhead signed & stamped by authorized
signatory of your company.

• You may send the price break by Scanned copy through mail at the following email address:
postauctionbj@mjunction.in
• You may also send the same vide fax to our number 033-66011725.

• Price break up has to submit within 2 hrs from the time of completion of the event.
• Failure to submit the price break up may attract penal measures as deemed suitable by the
client.

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How to register your
query/suggestion/feedback/complain in the cchp:

1)Bidders can register their query/suggestion/feedback/complain through "Feedback" link provided on the
Menu bar or send email at feedback.bj@mjunction.in
2)Steps: Click on Feedback option->Click on New->Write your comments in the Description box & Submit.

1)Feedback Link