What is Reverse Auction?

In case of Reverse Auction Start bid Price & Bid decrement (Change price) will be available in the
bidding screen.

In this type of auction bidder can place their bid, which has to be either Start Bid Price or lower than
the start bid price and bid decrement should be in multiples of change price as displayed on bidder
screen. They can revise their bid “n” number of times during the run time of the event.

Bidders would be able to see the current market price on placement of a ‘valid’ bid. In case of
placement of ‘Valid & accepted’ bid, they would be able to see the current market price continuously
during the auction

in scenario of placement of ‘Valid but rejected’ bid, current market price would be displayed for 1
minute to enable bidders to check the current market price & revise their bid .

In the result column ‘OUT BID’ may be displayed incase Manual Bid or Proxy Bid of any bidder is
higher than the proxy bid of a different bidder which is already set for the Auction in the system. Proxy
bid is explained in subsequent slides.

Leading bidder would be able to see a “hammer” sign on his screen indicating he/she is the winning
bidder at that moment.

Extension time of the auction is governed by the Auto –extension rule & No manual extension is

possible on request of any bidder.

 Steps for participation

1) Start bid price would be displayed in the start bid box.

2) By default the same start bid price would be reflecting in the new bid column & effective bid column.
3) Bidder can change their bid by clicking in the “-” symbol or manually type their bid in New Bid Box.
4) Select the left hand side check box.
5) Click on submit button in order to accept the start bid price
6) Incase of multiple markets submit your bid individually for each market one after the other.
Note: Decrease your bid amount either minimum by the change price or in the multiple of the change price.

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“Modify watch list”- Please click

Start bid price here and add new markets to view
them on bidding screen.

5 Change price

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Steps: Once you click on submit , Incase of your 1 st bid a Pop up Message would be displaying the bidding basis of
the Auction for your confirmation. You can click on OK to submit your bid or cancel to edit.
4)If your Bid is accepted you can see Bid Accepted in the ”Result” column.
5) You can see a small hammer in the “Bid Summary Screen”, which indicate you as a leading bidder in that market.
Once your bid get accepted the current market price will start visible in your bid summary screen below the “Current MKT Price”
Note:
• Pls. remember that your bid value should be less than the Current Market Price in multiple of change price . At the start of
the auction your bid should be equal to or less than the Start Bid Price.
• You can use “+” “-” button provided along with the bid box to increase/decrease your bid amount. However please note
that in reverse auction you can not increase your price from your last quoted price.

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Steps for Bid revision:

1) Bidders can click on the “-” symbol for bid revision & bid would be reduced as per the bid decrement set for the
auction and it would be display under the New bid column or they can manually type their bid in New Bid Box.
Same value as New Bid would be displayed under the Effective bid column.
2)Click on the left hand side check box
3) Click on submit button .
4) In the result column it will be shown as Bid accepted.
5)Bidder can see their valid & accepted bid(including proxy bid )by clicking on the “Bid details” option.

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Proxy Bidding
Steps :

1) To activate Proxy Bidding enter the lowest price at which you can apply in the “New Bid” box.

2) Select the Check Box under the “Proxy” column.

3) Check the box provided at the extreme left of the selected row.
4) Click on “Submit”.

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Benefit of proxy Bidding

• You can give your best bid that you can offer for a market in the system well in advance. Bid decrement has to be in
multiples of the change price.

• Your Proxy bid value is neither known to your competitors nor MJ. It remains undisclosed at the back end of the
system. Hence please remember **You can check your proxy bid value in bid details link**
.

• After you activate your proxy bid for the market /item, the system will bid on your behalf till the amount which you
have activated as proxy. This will continue till such time the Proxy Bid Value is reached and you will be continuously
shown a hammer on your screen.
• It may also be noted that the system will continue to revise your bid so long it receives a revised bid from your
competitor. In case the system does not receive any revised bid and the market ends, you will be the L1 for that
market at the market price prevalent at the time of closure.
• It safeguards you from any dis-connectivity, infrastructural failure (like: power, link, slow speed, computer etc.). Proxy
bidding also helps during when multiple markets/auctions are running at a time. It bids on your behalf till the proxy
limit exists.
• If two bidders activate proxy at the same time then the system will consider that bidder who activated proxy in the
lowest price.

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What Is Outbid?

If ‘Outbid’ is displayed under ‘Result’ column of bidding screen, that means someone else activated
proxy lower than your bid price prior to your normal/proxy bid which implies that you are not L1 in
the market at that time. In such case that bidder who activated proxy will be considered as L1 bidder.
You need to revise your bid till your bid is accepted by the system, if you want to quote lower than
the Current Market Price.

Outbid

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Out bid where Current market price & your last quoted price is equal:

If you quote a bid & after revision your bid is equal to Current Market Price which was activated in proxy
by any other bidder prior to your normal/proxy bid then in such case that bidder who activated
proxy will be considered as L1 bidder and Hammer would be displayed on the L1 bidder’s
screen . In this scenario, In the result column it would be displayed out bid to you where Current market
price & your last quoted price is equal because same bid has been registered by another bidder earlier
than you through Proxy.
You can revise your bid if you want to quote lower than the Current Market Price.

Outbid

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Auto Display of Rejected bid Message:
In case of Bid being rejected by the system, Reason of bid rejection would be displayed on bidding screen
automatically for few seconds and would disappear thereafter.
To see the message once again you need to click on Rejected link.
Note:
1)If hammer sign disappears from your screen this indicates that some other bidder is the L1 bidder, and in this case
you have to reduce your price to become L1 bidder.
2)If your bid is not accepted Bid Rejected will appear in the “Result” column. In this case you will need to revise your
bid.

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1)Bid will be Rejected If Effective bid is more than the start bid price. In the Result column
it will be shown as REJECTED .
Reason of bid rejection would be displayed on bidding screen automatically for few seconds
and would disappear thereafter. To see the message once again you need to click on
Rejected link.
.

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2)Bid will be rejected if Effective bid is equal to or higher than current market price.

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3)Bid will be rejected if Bid reduction from start bid is not in multiples of change
price -in case of 1st bid of auction.

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4)Bid will be rejected if Bid reduction from Current Market Price is not in multiples of
change price- in case of subsequent Bid.

1 Current Market Price

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5) Bid will be rejected If any bidder tries to quote a price in one go which is 50% or more
lower than start bid price(in case of first bid of the auction)

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6) Bid will be rejected if any bidder tries to quote a price in one go which is 50% or more lower
than Current market price(for subsequent Bid of the auction)

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7) Bid will be rejected if new bid attempt is higher than existing proxy Bid limit set
by the bidder.
**Bidder can check their proxy bid value in bid details link**

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8) Bid will be rejected if new bid attempt is equal to existing proxy Bid limit set by
the bidder.
**Bidder can check their proxy bid value in bid details link**

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9) Bid will be rejected if New Proxy bid attempt is equal to last Proxy bid.
**Bidder can check their proxy bid value in bid details link**

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10) Bid will be rejected if New Proxy bid attempt is higher than existing Proxy bid.
**Bidder can check their proxy bid value in bid details link**

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11) Bid will be rejected if Proxy Bid is less than or equal to 50 % of Start bid(incase of first bid
of the auction) .

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12) Bid will be rejected if Proxy Bid set in one go is less than or equal to 50 % of Current
Market price (incase of subsequent bid of the auction) .

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13) Bid will be rejected if quoted bid amount is less than boundary value which is pre-fed in
the back end of the system and is not visible to bidders during auction

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Warning Message(Scenario 1)
If your effective bid is less than start bid by 10 % or more ( for 1st bid of auction)then a Warning
Message will be displayed with actual % difference from the Start Bid price as “ Your effective bid is
X % lower than the Start bid , Are you sure that you want to bid this price? Press OK to confirm,
CANCEL to edit your bid.”. Hence check your bid and then press OK to confirm or press Cancel to
edit your bid.

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Warning Message(Scenario 2)
If your effective bid is less than Current market price by 10 % or more ( for subsequent bid of
auction) then a Warning Message will be displayed with actual % difference from the Current Market
price as “ Your effective bid is X % lower than the Current Market Price, Are you sure that you want
to bid this price? Press OK to confirm, CANCEL to edit your bid.”. Hence check your bid and then
press OK to confirm or press Cancel to edit

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Warning Message(Scenario 3)
If your effective Proxy Bid is less than Start bid by 10 % or more then a Warning Message will be displayed to
you to confirm your bid as “ Your Proxy bid is X % lower than the Start bid , Are you sure that you want to bid
this price? Press OK to confirm, CANCEL to edit your bid.”. Hence check your bid and then press OK to
confirm or press Cancel to edit

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 Warning Message(Scenario 4)
If your effective Proxy Bid is less than Current market price by 10 % or more then a Warning Message
will be displayed to you to confirm your bid as “ Your Proxy bid is X % lower than the Current Market
Price, Are you sure that you want to bid this price? Press OK to confirm, CANCEL to edit your bid.”.
Hence check your bid and then press OK to confirm or press Cancel to edit. Hence check your bid
and then press OK to confirm or press Cancel to edit your bid.

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Important Information:
You would not able to bid if the decimal place in your bid exceeds the decimal place set for the auction. In
that scenario new bid box would become blank & will see a message as mentioned below.
**In order to bid further bidder would be required to bid manually type their bid in the New bid box
or reload the Bidding Page to see your last quoted bid price in New Bid Box.
View Of Last Auto Refresh Time& Manual Refresh Button :

Bid Summary screen of bidding screen is refreshed automatically in every 20 sec to display the
latest status of the auction, however the refresh rate may vary depending upon the internet
connection speed of your ISP/computer. In case any bidder observe any lag in auto refresh
interval, they are suggested to manually refresh the bid summary screen using the “Refresh”
button to view the latest status of the auction.
Note:
Bidders now would be able to view last refresh time in the bid summary screen.

Last Refresh Time

Manual Refresh Button
Note:
• Bid Received Flag:
Bid Received Flag, wherever applicable, indicates whether the auction has received any bid or not. “Bid received” column will
Indicate following status for any auction.
 YES: It indicates that the auction has received a valid & accepted bid from any of the bidder attached to the auction
 NO: It indicates that the auction has not yet received any bid.
 N/A: It indicates that the ‘Bid received’ status is not applicable for the auction.

Please Note that Bid receipt flag, wherever applicable, displays the status of receipt of any bid in the auction. It does
not indicate status specific to the bid placed by you. Status of the bid placed by you can be seen under Result
Column.

Bid Received Flag

Status Indication
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 Amount in Word display of Start bid, New Bid, Effective
Bid.
Bidder now would be able to view Start bid, New Bid & Effective Bid in word by pointing their curser
on respective fields.

Start bid price

New Bid
 Things To Remember…

1.‘Time Remaining’ shows the time left for auction to end in the Bid Summary Screen.

2.‘Number of LIVE Markets' indicate the product for which auctions are live.(i,e How many markets or how
many auctions are running live.)

3.For further queries, you will only call on ‘Auction Room Phone Numbers’.

4.To log out of the site click on Sign Out option.

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How to submit your price break up after auction:
• After the competition of the auction incase you are L1 / have matched the L1price or as
applicable and stated the RFQ /Auction notice, you have to submit the item wise price break
up in the format as stated in the Auction notice (Annexure-4)or RFQ.

• The price break up has to on the price basis quoted during the online event as the case may
be ( eg. LCNC, LCNV, etc)

• For any clarification related to taxes applicable, clarify prior to start of auction.

• All the price break up have to be sent to company letterhead signed & stamped by authorized
signatory of your company.

• You may send the price break by Scanned copy through mail at the following email address:
postauctionbj@mjunction.in
• You may also send the same vide fax to our number 033-66011725.

• Price break up has to submit within 2 hrs from the time of completion of the event.
• Failure to submit the price break up may attract penal measures as deemed suitable by the
client.

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How to register your query/suggestion/feedback/complain in the
cchp:

1)Bidders can register their query/suggestion/feedback/complain through "Feedback" link provided on the
Menu bar or send email at feedback.bj@mjunction.in
2)Steps: Click on Feedback option->Click on New->Write your comments in the Description box & Submit.

1)Feedback Link