Web based Reverse Auction is an auction held online in which bidders compete among them for that specific tender.
Reverse Auction is applicable to tender for which NLCIL decides to conduct Reverse Auction. This is decided by NLCIL after opening of the price covers. Bidders who are all qualified are allowed to participate in Reverse Auction.
Once NLCIL decides to conduct Reverse Auction for a tender, An Email intimation will be sent to the all qualified bidders with the details of terms and conditions, date and time, start price and decrement value.
The auction will be held for a minimum duration (One hour) on the specified date and time. If any bids are received in the last 10 minutes the auction duration will be extended by 10 minutes.
Vendors shall start with a preset initial bid price and shall reduce their bids by the specified decrement values.
Only the Vendor with the lowest price at the closure of the auction will be considered for further processing.
Procedure to participate in RA
The bidder have to login to NLCIL e-contract site https://econts.nlcindia.com at the stipulated time to participate in the Reverse Auction.
The menu Active Reverse Auction shows the number of active auction(s) that are either in progress or yet to start. Click on this link to view the list of active calculator button for Reverse Auction(s), as shown below.
Double click on the tender to participate. A screen similar to the image shown below will appear.
On accepting the terms and conditions the following screen will appear. The screen will have details for reverse auction viz., the start price and the time remaining to the start of reverse auction.
Note: Reverse Auction screen will open only 10 minutes before the start time of Reverse Auction.
On the exact time of start of reverse auction, the time countdown changes to “Time Remaining to End”. At this stage the bidder can place a bid.
To place a bid the bidder has to click on the calculator button
After clicking the button a calculator pops up as shown below. The bidder has to use this to calculate his bid amount and click on the submit button to place the bid.
Upon clicking the submit button, the system displays a confirmation box with the amount to be placed. The bidder can than confirm the same by clicking on the Yes button or click on the No button to return to the calculator to modify the amount if required.
An alert message similar to the one shown below will be displayed confirming the acceptance of the bid. The bid amount is displayed under the “Your Last Bid” column and if your bid is the current lowest bid it will be shown under “Last Bid Value” in green colour.
Note: The green colour will be disappearing if any other bidder is quoted bellow your bid.
At the start of the Reverse Auction, the start price is shown as the current bid. If any bid exists, then the start price will be decremented by one decrement and will be shown as the current bid. If the background colour of the bid is green, it indicates that you are the current lowest bidder.
Note: If you are a lowest bidder, alert will come in your screen.
General rules for placing a bid.
Bids can be placed only using the calculator provided.
If more than one bid of the same value is received then the earliest bid will be accepted.
If a bid is accepted by the system a confirmation message will be shown. Your last bid value will be updated with the bid placed.
If the current bid is shown in green colour then that bidder is the current lowest bidder.
Bidder decrement value should not be more than 5 decrements in a single bid (for example if the decrement value is Rs.100 your bid amount can reduce by a maximum Rs. 500 (5*100)). If you need to decrement the bid below this amount then you place another bid.
At the close of reverse auction, a screen similar to the one shown below is displayed showing the last bid values of the participated bidders. The lowest bidder (bid value shown in green colour) is the winner of the Reverse Auction.
Mock auction is provided to get hands on experience of the Reverse Auction process. This is available under the menu MOCK Reverse Auction. The bidder has to login to access this option. In the mock auction the bidder will be bidding against the computer. The duration of Mock Auction is 15 minutes and extension rule is 10 minutes. The bidders are advised to practice with mock auction before participating in the live Reverse Auction.