Answer:

A Reverse Auction in NipeX is an online electronic bidding process where Suppliers compete with each other to provide products and/or services to a Buyer (Operator). Each Supplier places their bid online real-time, and gradually reduces the quoted price in an attempt to present the most attractive/ competitive or best bid. Reverse Auctions are usually carried out during the purchase of Products and Services. For a Reverse Auction to be conducted, the Opportunity and Technical phases of a tender (if necessary) must have been completed.