About Tenderbid Mission Statement "To make markets in goods and services, utilising electronic commerce technology, in the most cost effective manner, for all parties." Tenderbid is an internet Auction Site conducting both Reverse Auctions and Direct Auctions live, in real time, for the benefit of its members. The concept of the Reverse Auction has been used in the USA and Australia for some years, with much success, but is relatively new to the UK. In essence, the process of a Reverse Auction consists of a "contract to supply" specified goods or services, auctioned against a guide price supplied by the buyer. Potential suppliers are invited to bid for the contract to supply", competitively at successively lower prices. The lowest bid at the expiration of the time specified for the sale, is the winning bid. The Tenderbid software allows the auction to proceed automatically, in real time on the internet, and the progress of the sale,- the downward spiral of bids, can be viewed by all participants as it takes place. A Direct Auction is effectively what most people understand as a normal, standard auction, where each successive bid is higher than its predecessor. The winning bid being the highest bid at the expiration of the sale time. A Direct Auction is generally used to realise assets such as surplus inventory and cancelled orders. Auction Definitions >> Working with buyers >> Working with sellers >> Why conduct web based auctions >> Online Auction Rules >> FAQ'S >> Privacy Policy >> Terms and Conditions >>