How to set the minium duration of a Ranked or Open auction

How to set the minium duration of a Ranked or Open auction

What is the issue you're facing?

I need to setup the minimum duration of my auction. What is this for and how do I do this?

Solution

Once the Online Negotiation Event is underway this is the duration that you would like the Event to last as a minimum. If you choose to have the Dynamic Close option then the duration may extend beyond this minimum, depending on the whether the Dynamic Close is triggered.

We recommend a standard Minimum Event Duration of 30 minutes, as this generally gives all participants enough time. You may wish to run a longer Event if there are many Lots with a degree of complexity, or if you have participants that cover multiple time zones.

To setup the minium duration choose what you would like this to be from the Minimum Duration drop down.



    • Related Articles

    • How to add an auction to your event

      What is the issue you're facing? I would like to add an auction to my event. How can I do this? Solution In order to add an auction to your event you need to: Create your event as normal Ensure that the 'Do you want to have an Online Auction?' option ...

    • How to set the currency of an RFQ or Auction

      What is the issue you're facing? I am creating an RFQ and need to set the correct currency. How can I do this? Solution When creating your event create your RFQ or Auction as normal and you will see an option for the currency you would like your ...

    • What is the bid direction in an auction and how do I set this up?

      What is the issue you're facing? I need to set the bid direction of my auction. Which setting should I use? Solution When setting the bid direction of your auction you can use the following settings: Forward: A Forward Event is one where the bidding ...

    • Why Run an eAuction and which is the right type of auction for me?

      Why Run an eAuction? Running an eAuction allows the buyer to negotiate with multiple suppliers simultaneously in order to achieve the most competitive pricing. In addition to helping generate greater savings, online auctions allow buyers to manage ...

    • What is a dynamic close period in an auction and how do I set this up?

      What is the issue you're facing? I have the option for a dymanic close period. What is this and how do I set it up? Solution The Dynamic Close feature automatically resets the remaining time in the Online Negotiation Event if a bid is placed in the ...