Bid
A price offered by a supplier during an auction.
Procurement
Auction Tool Glossary
Terms for running online bidding events with suppliers.
5 terms · Updated 12 November 2026
B2 terms
Bid Decrement
The minimum amount by which a new bid must be lower than the last one.
L1 term
L1 Bidder
The supplier who has offered the lowest price.
R1 term
Reverse Auction
An auction where suppliers compete by lowering their prices.
S1 term
Starting Price
The opening price from which bidding begins.
No matching terms found.
Explore other glossaries
Vendor Registration Glossary RFQ Glossary ← Back to Procurement All glossariesSee these concepts in a working system
A working session with the team that builds Bigsun ERP, using your own business processes.
Book a Demo