How it works?
It can be thought of as a proposal collection due to the auction structure of RFQ. It has a Hidden structure. The Purchasing authority will invite the auction, the suppliers, and not see the bids until the auction expires. Therefore, in this auction type, a new tender is created in the same course to convey the revised proposals of the supplier firms.
Suppliers cannot see the information about the other bids. They are allowed to see their own bids only.
Suppliers are not able to see they are in line with their offer or have another best offer. Often revised proposals are collected in a second auction.
Automatic Time Extension
Automatic time extension is not available in this type of auction. The Auction expires at the end of the time you specify.
The Auction starts automatically when the start date arrives.
Item-Based Delivery Date
Allows suppliers to specify a delivery date on an item basis at the time of bidding. In this way, you can also consider the delivery dates, not just prices, when comparing your suppliers.