What Are Reverse Auctions and RFQs? Explain How They Work

question 86

Essay

What are reverse auctions and RFQs? Explain how they work and their purpose. Why do governments and corporations frequently mandate the RFQ approach for procurements?

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Definitions:

Private Sector Bargaining

The negotiation process between employers and employees (or their representatives) over work terms and conditions specific to the private sector.

BATNA/MLATNA

Best Alternative To a Negotiated Agreement / Most Likely Alternative To a Negotiated Agreement; concepts in negotiation that define the most advantageous alternative action a party can take if negotiations fail.

Bargain

To negotiate the terms of an agreement or contract, often in the context of labor unions negotiating employment conditions with employers.

Bad Faith Bargaining

The practice of negotiating without the intention to reach an agreement, often violating trust and fairness in collective bargaining processes.