Electronic Auction System

For Buyers

For Buyers

Online auctions refer to auctions that are conducted through the Internet with the bidders (from one or more locations) simultaneously bidding for procuring the item/s on an auction. In other words, the venue for the auction is on an Internet website/platform. Normally, the bidder who quotes the highest price is awarded the auctioned item.

A Bidder is an individual/business entity participating in the auction, intending to buy the item/s from the Seller. To become a bidder for an auction, a business entity has to secure client’s approval for participation and also provide written assent to the General Rules and Regulations.

E-AuctionWizard has a unique in-built security facility wherein the bidder can only log into the e-Auction site using a Digital signature. The system is enabled to use digital signatures activities like uploading of documents, log-ins and auction processing. Digital certificate support from approved Certifying Agencies (CA) is allowed only in industry-standard X.509 format.

Bidders can experience the ease and user friendliness of electronic auction that is secure, fast and reliable. With constant screen refreshing feature, the bidder can be assured that he can bid his price upto the last second.

Auction Time - It refers to the tentative duration of bidding time that the price discovery process will accept bids from competing bidders. The duration of the auction would normally be for a pre-specified period of time. However, the bidding rules may state the conditions when the pre- specified duration may be extended.

Automatic extension is allowed in the event of bids being entered towards the end of the scheduled duration, to facilitate the other bidders to view and react to the bid.

In the event of bids being submitted during the last few minutes of the scheduled bid time, the bid timings are automatically extended for a specified period from each of such bid. Such auto extensions shall continue until no bids are placed for the specified period.

System Security - SSL is implemented for secure data transmission. World-class firewalls and antivirus systems deployed. Net manager and Intrusion Detector tools implemented for online security