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Saturday, 25 July 2015

E-Tendering - Best Way to Prevent Corruption in Tendering

We all know how much have changed in this decade so far in terms of technology. The modern technology has come with great facilities for all kind of services; “Tendering” is one of them. Tendering process has been changing rapidly around the globe to become more convenient and transparent. The new form of Tendering is “E-Tendering” or “Online Tendering”.

We all know the larger scale of corruption and fraud in the traditional tendering process in every level. Tendering was and still considered one of the most corrupt sectors. With emergence of E-tendering all of this misuse has been rectified and transparency and convenience for both the seller and buyers is promoted. Most nations are now widely using E-Procurement service for every sector. Countries like India, still struggling for establishing this secure form of E-Tendering, but the condition is now very much change as many govt. departments of India made “online tendering “compulsory and many departments has plan to make this mandatory very soon.

Online Tendering has many positive and user friendly features for both the sellers and buyers. It has some great features like it can be accessed from everywhere according to the convenience of person. The other important features are like easy information access, great reach ability, minimum procession cost, transparency, and many others.

Internet has become a major driving force for E-Tendering. Online tendering has many advantages like the “a greater transparency”. The bidding process has become more users friendly thus chances of any misuse are reduced. It is a time saving method as the process is easily managed and things are done in very small amount of time as compared to traditional tendering process.

We all know of the disproportions and corruption involving tenders which have escalated to such proportions that works are already being dispersed among the delegated quarters even before calling for bids. Such kind of corruption in the process will also drive the foreign investors away.

For E-Tendering Solution Visit                          :- Lotus Procure
For Latest Tender Information and Alerts Visit :- Tender Alert

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Friday, 10 July 2015

How a Reverse Auction Works

A reverse auction is a modern development that has sped up and improved the process of tendering for contracts. If you're in business and are looking for a contractor for a project, you don't have to wait ages for paper tenders to come in. And if you're a contractor, you can modify your original quote to better a competitor's offer. So a reverse auction is a win-win way of doing business.

A reverse auction works pretty much like any other online auction, except that the positions of buyer and seller are reversed. Instead of the seller posting their product for others to bid on, the buyer posts a project that they want a contractor for. The sellers/contractors in a reverse auction place bids indicating what rate they are willing to undertake the project for.

A reverse auction reverses a standard online auction in another way, too. In a reverse auction, the successful bidder is often (but not always) the one who offers the lowest price. However, as bidders may also have to submit a resume or state their experience or expertise, a buyer may not always choose the lowest bidder in a reverse auction, as they may prefer the quality offered by a higher bidder.
The process of bidding on a reverse auction will vary slightly from situation to situation. Some reverse auctions are only open for a very short time (e.g. three days) while others are open to bids for longer. Some reverse auctions will allow contractors to place multiple bids, others may not.

A reverse auction can also be used by people wanting to find a supplier for certain goods. In this type of reverse auction, the buyer will say something like “I need this amount of a certain product. What’s the best price you can give me for that?” And the reverse auction proceeds as normal, with sellers offering their goods for various prices, competing to underbid their rivals and so forth.

A reverse auction for bids/quotes on a project can also open the project up to a wider range of potential contractors. This is particularly the case with reverse auctions dealing with services that can be provided at a distance. Quite literally, contractors from around the world can bid on a reverse auction.
However, if a buyer prefers contractors or suppliers from a certain area for whatever reason - a desire for face-to-face or telephone contact, reducing the cost of shipping, etc. - then they will be able to specify this when placing their project/need online for the reverse auction.
Reverse auctions are an efficient way of finding the best deal or the best tender for the goods and services you need. And for sellers, a reverse auction really puts the competing back into competition!

Go to Lotus Procure WebsiteGo to Tender Alert Website

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