Forward auctions are bidding or tendering systems in which the buyer places an item for bid on a request for quote (RFQ)system; then potential suppliers bid on the job,with the price reducing sequentially,and the lowest bid wins.

Question

Quizplus · Accepted Answer

In forward auctions, sellers offer goods or services for sale, and buyers bid on them, typically with the price increasing as more bids are placed. The description given matches a reverse auction, not a forward auction.

Forward Auctions Are Bidding or Tendering Systems in Which the Buyer