Example of Extending Auctions

When you create a negotiation document, you set a close date and time. This is the time when the application stops accepting responses to the negotiation.

However, if the negotiation is an auction, and you find that the volume of bids has increased close to the end time, you can extend the auction to allow for more bids be accepted. You can extend the auction manually or tell the application to automatically extend the auction by enabling the autoextend feature. You enable autoextend by specifying extension values when you define the negotiation document.

Extend Auctions

To manually extend an auction, select Extend from the Manage submenu of the Actions menu on the negotiation summary page. In the Extend Negotiation section, you supply a new close date and time and submit your change. All participants are notified of the new close date.

To set up the Autoextend feature, you specify parameter values when defining the negotiation document. These parameters control when the autoextension gets triggered, how many autoextensions are allowed, and the length of each extension.

To update the autoextend parameters for an ongoing auction, select Extend from the Manage submenu of the Actions menu on the negotiation summary page. In the Autoextend section enter the new parameter values and click submit.