Learn about Redwood and be one of the first to join the conversation

Visit Redwood Community
How to Enforce Supplier’s previous round price as Start price in Auctions and RFQs — Cloud Customer Connect
You're almost there! Please answer a few more questions for access to the Applications content. Complete registration
Interested in joining? Complete your registration by providing Areas of Interest here. Register

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

Received Response
42
Views
1
Comments
edited Mar 31, 2020 4:44PM in Sourcing 1 comment

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.

Howdy, Stranger!

Log In

To view full details, sign in.

Register

Don't have an account? Click here to get started!