Welcome to vBidLive.com!

Procurement organizations increasingly implement online bidding events (aka Reverse Auctions) to simplify and shorten the supplier negotiation process, as well as realize price savings averaging between 15 to 20%.

vBidLive offers two types of online bidding options;

1) Lowest price bidding (aka Reverse Auctions)

2) Multiple-factor bidding (which includes, price, billing terms, warranty etc.)

These events significantly reduce purchase cycle time to few hours, while allowing buyers to focus on more strategic issues and supplier relationships.

How it works -

You post a need for a specific product or service and only qualified vendors are invited to participate in online bidding on a specific date and time . Vendors bid and re-bid in a 4 to 5 hour window. At the end, lowest bidder would get the contract unless you choose a higher bidder.

Following are the definitions of some commonly used terms on vBidLive.com;

Bid or Quote Requestor – Posts a Request for Quote or Bid

Supplier or Service Provider – Responds to a Request for Quote or Bid by providing an offer.

Multiple-factor bidding – Bids will be evaluated on multiple factors i.e., price, payment terms, delivery, warranty, billing plan etc. The procurement organization or person who created the listing selects the winning offer. Suppliers or Service Providers will not know whether their offer is the lowest offer or not as compared to other Suppliers or Service Providers.

Lowest price bidding (aka Reverse Auction) – Bids will be evaluated on lowest price, however, in full-service option procurement organization might review complete offering by suppliers or service providers before conducting an e-souring event. Suppliers or Service Providers will know immediately after submitting an offer whether their offer is the lowest offer as compared to other Suppliers or Service Providers or not. The bidding process is managed by a software program, however, Bid or Quote Requestor still has the flexibility to select any of bidders who may or may not be the lowest bidders.

Reserve Price - The Reserve price is the absolute minimum dollar amount the Service Requestor will accept for an item. Service Providers are notified after placing their bid if it is below the Reserve price.If a Service Provider's bid is lower than the Reserve price, the Reserve is automatically met and that Service Provider is the winning bidder.