Forward Auctions are used by NCDFI registered sellers to sell their products to potential buyers. This is an ascending price forward auction where price is increased round by round only if demand exceeds supply. Under this auction, the price announced is at the discretion of the seller. Bidders bid the volume they wish to purchase at the declared price. As multiple sellers participate parallel in these auctions, quoted prices remain competitive. Post auctions, the remaining quantities,if any, would be made available throughout the week at ‘Continuous Markets’.
Reverse auction mechanism allow buyers to seek competitive prices by inviting sellers to participate in real time auction. The required product, quantity, specifications, place of delivery and delivery period are announced by the buyer prior to the auction date. Interested sellers can participate in the auctions by bidding an all-inclusive FOR prices. Lowest quoted price is conveyed to the buyer at the end of the auction for approval. Upon acceptance by the buyer, contract notes are issued to the successful bidder.
This is the product developed to replace the traditional tenders and further negotiations. This is a Yankee Forward Auction where the sellers offer the products available with them while buyers bid both prices and their required quantities. Multiple prices can be discovered at the end of the auction and if the bid prices are acceptable to the Seller, then the contracts would be concluded.
This is the product developed to replace the traditional tenders and subsequent negotiations for procurement of agri commodities. This is a Yankee Reverse Auction where the buyers put up auction for their required products while sellers bid for their intended quantity and price they are willing to offer in auction. On real time basis, system will display the tentative quantities allocated to each bidder. Multiple prices can be discovered at the end of the auction and if the bid prices are acceptable to the Buyer, then the contracts would be concluded.”
Price Validation Auctions facilitates the sellers to conclude the bulk sale contracts at equilibrium prices by validating the offer prices in the market.