Procure SuiteGlossary

Forward Auctions

Discover how Forward Auctions work, where buyers compete by raising bids. See how sellers achieve maximum value through competitive pricing.

All glossary terms

Definition

Forward auctions are usually eAuctions in which the bid value steadily increases, driving the final selling price upward. In such auctions, a single provider provides the goods or services, and buyers compete with one another by submitting higher bids. The bidder with the highest price wins the deal.

Benefits of Forward Auctions

Helps in increasing revenue and maximizing returns.
Any bidder, regardless of size, is eligible to participate in the auction.
The auction system is transparent and organized.

Resources

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