Reverse Auction
/ˈrɪvɜrs ˈɔkʃən/
Definitions
- (n.) A procurement process where sellers competitively bid to offer the lowest price to a buyer, opposite of a traditional auction.
The government used a reverse auction to select the contractor offering the lowest bid for the project.
Forms
- reverse auction
- reverse auctions
Related terms
See also
Commentary
Reverse auctions are commonly used in legal and commercial procurement contexts to promote cost efficiency and transparency.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.