by the 117th Congress of the United States

Summary

by the 117th Congress of the United States Public Law 117-28 — Pub.L. 117−28…

Reverse Auction Defined.—In this section, the term ‘reverse auction’ means, with respect to any procurement by an executive agency, a real-time auction generally conducted through an electronic medium among two or more offerors who compete by submitting bids for a supply or service contract, or a delivery order, task order, or purchase order under the contract, with the ability to submit revised lower bids at any time before the closing of the auction.
Source: Wikisource

by the 117th Congress of the United States Public Law 117-28 — Pub.L. 117−28…

In contrast to a traditional auction in which the buyers bid up the price, sellers bid down the price in a reverse auction.
“ (2) Reverse auctions, while providing value for the vast majority of Federal acquisitions, including certain construction-related acquisitions, are limited in value for complex, specialized, or substantial design and construction services.
Source: Wikisource

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