You will then need to choose the default currency of the event. *Note that this will default to the currency you have selected within your profile.
If you would like to make your event a multi-currency event please take a look at this article on how to do this.
You now need to set the auction start date and time.
Now you need to select the bid directon. You can select Forwaard or Reverse.
You now need to choose the auction type. You have the option of Open, Ranked or Japanese.
Select the relevant option.
For Japanese auctions see details at the link below on how to configure this.
You now need to set the minimum duration of the auction.
Then you need to decide if you would like the auction to have a dynamic close period and for which suppliers it should apply to.
The Dynamic Close feature automatically resets the remaining time in the Online Negotiation Event if a bid is placed in the final number of minutes that you specify.
For example, if you specify Dynamic Close for the last 5 minutes, then if a bid is placed within the final 5 minutes, the countdown clock resets to 5 minutes remaining. The Dynamic Close will continue to reset the clock until no further bids are placed.
This feature is recommended for almost all Events that occur. The reason is that participants almost always require some breathing time to revise their offer. It also prevents sniping, which is the placement of a leading bid in the final few seconds. Sniping will only upset other participants as they may wish to respond but without Dynamic Close would be unable to do so.