Reverse Auction Rules & Guidelines

Clients' RFPs often leverage PERSUIT's Reverse Auction feature, allowing firms and clients to see in real-time how competitively their bid ranks against other participating firms.

Clients choose between one of the following auction visibility types:

1. Rank only;
2. Rank + lowest bid;
3. Rank + all bids.

Rules for any auction type:

• A Reverse Auction is completely anonymous. No identifying information of any firm will be shown.  This includes Firm names, individuals' names, and answers to qualitative questions.
• Firms cannot see price ranking or other firms' proposed pricing until the moment the auction begins.
• You will see your firm's overall rankings and phase-based rankings for each individual pricing item.
• Firms can revise the phase level fees by clicking "view details" and then "revise proposal" on their proposal.
  • Firms that adjust their total price during the auction as a quick revision tool are strongly encouraged to true up their contributing phases prior to the auction's conclusion. If firms fail to make these revisions at the phase level because they run out of time, the client can reopen the request for them for final revisions after the auction.
  • Any change in ranking due to firms revising their pricing will be shown to all firms in real-time. 
• Time extensions
  • Any revisions submitted by a firm in the last five minutes of the auction will extend the auction clock deadline by five minutes to allow other firms to also make final changes. This will continue until there is a five minute period of no changes.
  • If a firm needs more time to revise their proposal, they can extend the auction another 5 minutes by clicking "Revise Proposal". Firms can only extend if they're revising their proposal. They cannot extend if they are looking to revise price only.
• Please reach out to support@persuit.com with any questions.