E-Auction for Beginners

1. Understanding of e-Auction for Beginners LotusProcure.in

2.  What is e-Auction? • Electronic auctions are web-based auctions where preferred bidders submit offers digitally against the buyer’s specification. • All announcements following and including the request to pre-qualified bidders to propose new costs and/or values must be digital. • E-Auction can be used for buying/selling movable and immovable properties. LotusProcure.in

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4. Lotus Auction • Lotus Auction is the first module we built back in 2012 ,we have continuously enhanced the user experience and added many e-Auction types including:- Reverse, and Forward Auctions. • To help you get the best results from e-Auctions, the module is very flexible with many options and features such as: Single Item, Multiple Item, Supplier Management. • It is our mission to provide you with easy-to-use, highly configurable software plus knowledgeable and intimate support that will help you increase your eAuction activity and deliver increased savings. LotusProcure.in

5. Types of Auction • Forward Auction: This type of auction involves the buyer selling items to a supplier. Bidders have quote higher prices than the start price. Offering the contract depends on various factors such as the lead time, capacity, quality and value adding possibilities. • Reverse Auction: This second type of auction is the opposite of the forward auction. In this case, buyers are the ones who purchase items from suppliers. Awarding a bid depends on the price as the main determining factor. The bidding price for a reverse auction goes down instead of rising like in the case of the above type. LotusProcure.in

6. Lotus Auction module provide the following industry leading support • Lotus Auction configure your templates for you to communicate to suppliers direct from the LotusAuction platform. • Lotus Auctionfully train your team to be able to smoothly run events and make full use of all the features. • Lotus Auctionpioneering automated supplier training function helps you reduce supplier issues, improve supplier management and saves you a lot of time. • Pick up the phone or email our Helpdesk with any system or eAuction query and one of our e-Sourcing Co-Ordinators will give you the answer immediately. LotusProcure.in

7. Post e-auction activities • After the auction closed the winner of the highest bid intimated by the bank and Bidder needs to sign the relevant documents to finish the process and bidder have to contact the bank directly. LotusProcure.in

8. Advantages of e-auction - • Transparency in process . • It will be clear to participants why they won/lost the e-Auction.    • This process makes participants clear that why they won or lost. • Real-time market information is provided to Participants. • Faster contract awarding process. • Better than face-to-face negotiations and time-saving. LotusProcure.in

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10. Limitations of electronic Auction- • There is much possibility of fraud • Participation can be Limited • There may be some security issues • Limited to Auction software • Lengthy cycle time • Monitoring time Equipment for buyers   • Order fulfillment prices LotusProcure.in

11. What is the role of Digital Signature certificates in E-auctions? To make this process secure, DSC or Digital Signature Certificates are used. These certificates are digital equivalent of physical or paper certificates. Examples of physical certificates are passports, drivers' licenses or membership cards. DSC serves as proof of identity of an entity for a certain reason; for eg. , a driver's license identifies the person who can legally drive on the road in a particular country. Likewise, a digital certificate (electronic format) can be presented digitally to prove someone’s identity, to access data or services online or to sign certain documents electronically. LotusProcure.in

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