Saturday, March 26, 2016

IREPS e-Auction: What is Open Ended e-Auction?

Open Ended e-Auction has no pre-defined closing time of lots, it has Cool Off period. After opening a lot for bidding, if no bid is received within the cooling off period, it will get closed after lapse of cooling off period. Hence, whenever any bid is received, lot closing time gets auto extended by cooling off period from the bid arrival time. And if further bids are received within this period, the lot closing time gets auto extended again and so on. However no lots get closed after 19:30 hrs and such lots will get auto extended to next morning 09:30 hrs.

IREPS: Indian Railways e-Procurement System

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