Reverse Auction
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Reverse auction - A reverse auction (sometimes called a procurement auction or tender) is a type of auction in which the role of the buyer and seller are reversed. In a more typical auction, the seller puts up an item for sale, multiple buyers bid for the item and depending on the nature of the auction (English or Dutch), and one or more of the highest bidders buy the goods at a price determined by the bidding.
NYOP - NYOP is an acronym for "Name-Your-Own-Price", a system where a buyer specifies a price and a product and/or service, and asks sellers to match that combination. A special type of reverse auction.
Business-to-government electronic commerce - Business-to-government e-commerce (B2G) networks allow businesses to bid on government RFPs in a reverse auction fashion.
Japanese auction - Japanese Auction is similar to English auction, the main difference being that each bidder has to bid at each level to remain in the auction. The auction continues until only one bidder remains.
reverseauction
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