Reverse Auction Loading

What is Reverse Auction with Loading?

• In this type Auction Start bid Price & Bid decrement (Change price) will be available in the
bidding screen along with loading factor and a constant to arrive at the effective bid. To see
the effective bid bidders are required to place their bid in the new bid column, then click
outside the box and see it in the effective bid box.
• Bidder can place their bid, which has to be either Start Bid Price or lower than the start bid
price. They can revise their bid “n” number of times during the run time of the event.
• Bidders who have placed a valid & accepted bid would be able to be see Current market
price on the bidding screen. Leading bidder would be able to see a “hammer” sign on his
screen indicating he/she is the winning bidder at that moment.
• Extension time of the auction is governed by the Auto –extension rule & No manual
extension is possible on request of any bidder.
 Constituents of a Live Multi Bid-Sealed Bid stage

1) Auction ID, Item Description, Client Name.

2) ‘M’= Loading Factor ; if any, will be mentioned in the auction notice.
3) ‘C’= Constant; if any, will be mentioned in the auction notice.
4) Bidding Currency will be displayed next to ‘Currency’ as per the auction notice.
5) Minimum bid decrement will be displayed beside Change.
6) Bidder can see their valid & accepted bid by clicking on the “Bid details” option.

Check the auction ID, item Change

description & client name Currency

Loading Factor
Constant
 Constituents of an Online Reverse Auction Stage. Contd…

6. Start Bid Price (SBP) will be displayed under Start Price Column.
7. By default the SBP will be displayed under the New Bid column of the bidding screen.

Note 1 : Incase of multiple markets enter your bid amount individually for each market one after the other.
Note 2 : Incase of multiple markets enter your bid amount individually for each market one after the other and Incase of
multiple market whenever new market will be launched you need go back to the “Add to watchlist section” by clicking on “
Modify Watchlist “. Or else new markets will not be visible in your bidding screen.

Start Bid Price

“Modify watch list”- Please click here

and add new markets to view them
on bidding screen.
How To Place Your Bid In Online Reverse Auction Stage (Loading)

1. Start Price will be shown including the loading factor with constant value. If that will be
accepted to you then you have to quote without loading factor and constant value in the
new bid box. Please do not click on “+” or “ – “ button of the bidding screen.”

Note: Calculation to arrive in the New Bid price = (start price – ‘C’) ÷ ’M’ or the refer the
calculation sheet which has been sent to you.

2. Place your calculated price according to the bidding basis mentioned in the auction notice
in the box under New Bid column. Make sure to enter the bid amount up to six decimal
places. To see the effective bid bidders can also click outside of the box .

Do not click on “+”or “-”

How To Place Your Bid In Online Reverse Auction Stage (Loading)

3. Select the check box present left to the Auction ID.

4. Effective Bid will be shown under effective bid column.
{(Effective Bid = New Bid price x M) + C}
Note: Check the Effective Bid as per calculation and it should be equal to start price or less than
one bid decrement at least from the start price.
5. Click on OK to confirm the bid.
6. Click on Submit to quote your Bid price
 Reason for Bid Rejection

If the bid will be rejected then ‘Rejected’ will be shown under Result column.

If the Effective Bid value and the start price are same but the bid is getting rejected then it means
the New Bid price is higher than Start Price after six decimal points which remain hidden in the
system.

Rejected Bid
 How to place revised bid?

Once again do the calculation to arrive in the New Bid price = (start price – ‘C’ - Change) ÷ ’M’ or the refer the calculation
sheet which has been sent to you.
1. Place your calculated price according to the bidding basis mentioned in the auction notice in the box under New Bid
column. Make sure to enter the bid amount up to six decimal places.
2. Select the check box present left to the Auction ID.
3. Effective Bid will be shown under effective bid column.
{(Effective Bid = New Bid price x M) + C}

Note: Check the Effective Bid as per calculation and it should be equal to Start Price or less than one bid decrement at
least from the Start Price.

4. Click on OK to confirm the bid.

5. Click on Submit to quote your Bid price.
 Accepted bid

5. After submitting the bid in the new bid column, if Bid Accepted will be shown under the Result column,
that means your bid has been accepted and registered in the system.
6. If the bid is accepted then a Hammer sign will appear under Lead column of bid summary screen.
7. The current market price will be displayed under Current MKT Price column of bid summary screen till
end of the auction. {(Current Market Price = Bid price x M) + C}
8. Your last quoted price will be displayed under Last Bid column of the bidding screen.

Note 1 : After submitting the bid in the new bid column, if Bid Accepted will be shown under the result
column, that means you bid has been accepted and registered in the system.
Note 2 : If the bid is accepted then a Hammer sign will appear under Lead column of bid summary screen.
If the hammer sign disappears from the bid summary screen that means somebody else quoted lower
than your price hence you are not L1 at that point of time. L1 market price will be displayed under
Current Market Price. To become L1 bidder you have to revise your bid again lower than the current
market price at least by 1 bid decrement or more. Calculation for the same can be done by using the
below mentioned formula.

New Bid price = (current market price – ‘C’ - Change) ÷ ’M’

or
refer the calculation sheet which has been sent to you.

L1 Market
Price
Warning Message(Scenario 1) (To prevent incorrect bid scenarios due to oversight, following system checks are
available in the system):
If your effective bid is 10% or more lower than the start bid price ( for 1st bid of auction) then a Warning Message
will be displayed to you as “ Your effective bid is X % lower than the Start bid , Are you sure that you want to bid
this price? Press OK to confirm, CANCEL to edit your bid.”. Hence check your bid and then press OK to confirm or
press Cancel to edit.

1
2
3

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Warning Message(Scenario 2)
If your Effective bid is 10% or more lower than the current market price ( for subsequent Bid after your 1 st bid )
then a Warning Message will be displayed to you as Your effective bid is X % lower than the current market
price, Are you sure you want to bid this price? Press OK to confirm, CANCEL to edit your bid.”. Hence check your
bid and then press OK to confirm or press Cancel to edit

1
3 2

13
Auto Display of Rejected bid Message:

1. 1.After submitting a bid in case of Bid being rejected by the system, Reason of bid rejection
would be displayed on bidding screen automatically for few seconds and would disappear
thereafter.
To see the message once again you need to click on Rejected link. Bidder are excepted to read
the reasons carefully & act according to revise their bid. In such scenario, bidder(s) need to
revise their bid if they are interested to quote for the market.

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Bid will be Rejected If Effective Bid is greater than start bid(in case of first bid of the auction). In the
Result column REJECTED message would be displayed.
Reason of bid rejection would be displayed on bidding screen automatically for few seconds and
would disappear thereafter. To see the message once again you need to click on Rejected link.

3
2
1
4

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Bid will be Rejected If Effective Bid is greater than or equal to current market price. bid rejection
reason would be displayed as “effective bid is equal to or higher than current market price”

1 2
4

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Bid Received Flag:
Bid Received Flag, wherever applicable, indicates whether the auction has received any bid or not. “Bid received”
column will Indicate following status for any auction.
YES: It indicates that the auction has received a valid & accepted bid from any of the bidder attached to the auction
NO: It indicates that the auction has not yet received any bid.
N/A: It indicates that the ‘Bid received’ status is not applicable for the auction & you would not be able to know
whether market has received any bid or not in this scenario.
Please Note that Bid receipt flag, wherever applicable, displays the status of receipt of any bid in the auction. It
does not indicate status specific to the bid placed by you. Status of the bid placed by you can be seen under Result
Column. (Bid received flag is applicable for specific client only.)

Status Indication Bid Received Flag

 Amount in Word display of Start bid, New Bid, Effective Bid.

Bidder now would be able to view Start bid, New Bid & Effective Bid in word by pointing their curser on
respective fields.

Start Bid
Price Display
To view New Bid Price and the Effective Bid Price

New Bid Effective Bid

Price Display Price Display
 View Of Last Auto Refresh Time& Manual Refresh Button :

Bid Summary screen of bidding screen is refreshed automatically in every 20 sec to display the latest
status of the auction, however the refresh rate may vary depending upon the internet connection speed
of your ISP/computer. In case any bidder observe any lag in auto refresh interval, they are suggested to
manually refresh the bid summary screen using the “Refresh” button to view the latest status of the
auction.

Note: Bidders now would be able to view last refresh time in the bid summary screen.

Manual Refresh Button

 Things To Remember…

1. ‘Time Remaining’ shows the time left for auction to end in the Bid Summary Screen.

2. ‘Number of LIVE Markets' indicate the product for which auctions are live.

3. For further queries, you will only call on ‘Auction Room Phone Numbers’.

4. To log out of the site click on Sign Out option.

 How to submit your price break up after
auction:
• After the competition of the auction incase you are L1 / have matched the L1price or as
applicable and stated the RFQ /Auction notice, you have to submit the item wise price break
up in the format as stated in the Auction notice (Annexure-4)or RFQ.

• The price break up has to on the price basis quoted during the online event as the case may
be ( eg. LCNC, LCNV, etc)

• For any clarification related to taxes applicable, clarify prior to start of auction.

• All the price break up have to be sent to company letterhead signed & stamped by
authorized signatory of your company.

• You may send the price break by Scanned copy through mail at the following email address:
postauctionbj@mjunction.in .
• You may also send the same vide fax to our number 033-66011725.

• Price break up has to submit within 2 hrs from the time of completion of the event.
• Failure to submit the price break up may attract penal measures as deemed suitable by the
client.
How to register your query/suggestion/feedback/complain in the
cchp:

1)Bidders can register their query/suggestion/feedback/complain through "Feedback" link provided on the Menu
bar or send email at feedback.bj@mjunction.in

2)Steps: Click on Feedback option->Click on New->Write your comments in the Description box & Submit .
1)Feedback Link