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Siebel eAuction Guide > Reverse Auctions > Bidding Rules Used with a Reverse Auction >
Single-Quantity Auctions
General bidding rules for a single-quantity auction in a Reverse auction are as follows:
- Winners are determined by ranking bids in order of lowest price, and then by earliest timestamp.
- Initially, the starting bid defaults to the maximum amount (starting price) a lister will accept for an auction item.
- The highest valid bid refers to the highest bid necessary to successfully win a given auction item.
- If no bids have been placed on an auction, a user's initial bid must at least match the auction item's starting bid amount.
- The bid value must be decreased with each subsequent bid.
- The highest valid bid defaults to the lowest bid minus the bid decrement.
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Siebel eAuction Guide Published: 18 April 2003 |