An auction (usually involving just 1 pair) is called live when one or both of the bidders is unlimited. It is often dangerous for the opposition to enter a live auction without a shapely hand, but the [..]

A positive or negative integer value the purchaser assigns to a bidder per auction line item that lends either a competitive advantage or disadvantage, respectively, to that bidder.

Defined in minutes, a point in time, prior to the scheduled end date andtime of a live auction, after which any bids received initiate the automatic extension settings defined for the auction.

Action by purchaser that disables a bidder from further participation in an auction. Once banned, the bidder's cockpit window will close and he will not be able to access it again unless or until [..]

A response to an auction in which a bidder offers to sell goods or services at a certain price.

The product of multiplying the bid price by the quantity and dividing by the price unit.

A type of chat message that a purchaser sends to all live auction participants.

A feature that allows the purchaser to define an auction with line items and/or lots that all open to bidding at the same time but that close to bidding one at a time based on the time parameters set [..]

Textual real-time communication between live auction participants.

A quantity upon which a mathematical operation is performed.

An automated mechanism which acts as an agent for the bidder by submitting bids on behalf of the bidder following the proxy bidding concepts and rules.

The bid submitted by the proxy on behalf of the bidder; technically, all bids in a proxy bidding auction are proxy bids.

A bidding feature that requires a bidder to submit a minimum bid which is then used by the system to continually bid on behalf of the bidder, according to other bidding parameters such as bid decremen [..]

Actual price entered by a bidder.

Object status indicating that the new object (e.g. auction) has passed system validation. All required fields and necessary data have been entered and the object is ready to be published. Only purchas [..]

Bid price which is converted from the raw price according to the individual factored-cost bidding settings defined for each bidder. Purchasers have the option of viewing bid prices in the cockpit as e [..]

Price reflecting the current market value or historical price paid for a particular object. Used to calculate savings.

Action by purchaser that enables a banned bidder to once again access the cockpit and participate in the live auction.

The item or lot in a cascading line item auction that will end next. All items or lots before the next line to end have already reached their end times and bidding on those items is closed.

The beginning bid price for a live auction line item. This price is set manually by the purchaser.

Action which reactivates a paused auction.

Object status indicating that no further activity of any kind is possible. This may result from the completion of the business lifecycle for the object or upon the object being withdrawn.

When factored-cost bidding settings have been defined for a bidder, price information (for example, the starting price and next valid bid values) displayed in the cockpit is transformed to reflect the [..]

The bid amount entered by a bidder in the cockpit interface when proxy bidding is enabled. This bid value is used by a proxy to submit bids on behalf of the bidder--once the minimum bid is reached, th [..]

Difference between the reference price and the bid price, displayed as either an absolute amount or a percentage.

Two or more bids with the same price that are submitted at relatively the same time. Depending on the validation rules defined for an auction, tied bids may or may not be permitted. Typically if tied [..]

A live auction status indicating that an active auction has been interrupted by the purchaser. A paused auction must be resumed before further bidding can take place. In the paused status, the purchas [..]

A date that defines the exchange rate used to convert bids to the auction currency for bid comparison.

The most recent actual bid price (proxy bid) calculated and submitted; it is always larger than or equal to the minimum bid submitted by the bidder.

Object status indicating that the object (for example, an auction) was withdrawn from its business lifecycle prior to being published. Once deleted, the object can no longer be retrieved for further p [..]

Action performed by the purchaser which removes a single bid from consideration in the live auction. All data that was based on this bid (best bid for example) will be recalculated and refreshed in th [..]

The time (in minutes) between the end dates of lots or line items.

A live auction status indicating that all bidding activity has ended. A live auction is ended automatically based on the end date and time.

Feature for live auctions that enables the purchaser to assign adders and multipiers to bidders per auction line item in order to give them a competitive advantage or disadvantage.

Object status indicating that the new object (for example, an auction) has not yet been subjected to system validation. Any auction that is created as a result of conversion (for example, from a bid i [..]

A feature that allows the purchaser to group multiple line items under a single lot.

Bid placed by the purchaser on behalf of a particular bidder.

A function that enables a purchaser to bid on behalf of a bidder, if for example, a bidder is unable to submit bids.

A grouping of line items treated technically as a single item for bid validation purposes; bidders must bid on every item in a lot before they can submit their bid; data is rolled up to the lot level [..]

A key figure used to determine the number of times an item is available for bidding as aggregated across auctions. The count represents the number of items per bidder company invited to participate in [..]

A key figure used to determine the number of times an item was won. Per item, only one winning bid (the best bid) is counted. This key figure helps track which bidders won a particular item and the nu [..]

A percentage value the purchaser assigns to a bidder per auction line item that lends either a competitive advantage or disadvantage to that bidder. Values between -99 and 0 give the bidder an advanta [..]

Date and time when an auction automatically ends. This deadline can be extended manually by the purchaser or automatically. Automatic extension of the end date occurs when a bid is received within the [..]

Best bid calculated per company for bid validation.

The time between the overall auction start date and the end date of the first lot or line item.

A set of information display rules and bid validation rules that together control what information is displayed to bidders as well as how bids are validated.

Leading bid, based on the calculated subtotal, received for an auction line item. In reverse auctions, the best bid is the lowest bid.