In a reverse auction the buyer floats one requirement and the sellers compete downwards on it. The buyer sets a closing time, a minimum improvement between bids, and how much of the ranking sellers are allowed to see - nothing, just the lowest rate, or the top few ranks.
A bid placed in the last minute pushes the closing time out, so nobody can win by sniping the clock. When the auction closes the buyer sees a full comparison sheet with freight and GST worked in, and awards to whichever quote he chooses - recording a reason if it is not the lowest.
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