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Lifeworld International How to Rank Your Bids —
Lifeworld International conducts Reverse Online Auctions as a broker and, therefore, has no bias in the bidding process. Lifeworld International does, however, provide its members with as much information as possible concerning the auction process. Listed below are some recommendations regarding the bid selection process as noted by industry experts:
- Cost per unit
- Specified quality of items
- Reputation for timely delivery of orders
- Delivery specification
- Value-added services included in bid
- Past reliability of supplier
If your goal as a buyer is a one-time purchase then cost may play more of a role in your bid selection than the other criteria. The auction process can, however, be the beginning of a strong relationship between two firms. If this is the case, then weighing some of the other items listed above becomes more important.
Note: Unless buyer expressly requests the reverse auction to be open, the identity of each bidder and buyer will be revealed after the buyer has ranked the bids forwarded to it and payment of the purchase price has been secured.
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