How to Enforce Supplier’s previous round price as Start price in Auctions and RFQs

Summary

Behavior of Start Price in the new round negotiation's response

Content

When creating a negotiation (Auction or RFQ), you can set a Start Price for every line in the negotiation. The Start Price is the maximum price you are willing to pay for a product or service. Once the start price is specified, supplier must respond with that price or lower. Start Price is applicable only for an Auction or RFQ and not for an RFI.

If you reach the end of the negotiation with no clear winners or if you wish to conduct competitive bidding on pricing for the shortlisted suppliers, you can initiate a new round.