Review and award a Dutch auction

After your auction closes, review supplier responses and award the event. Fairmarkit consolidates all the information you need in one place, making it easy to compare bids and select a winner.

Suppliers must finalize bids before awarding: After the auction closes and before you can award the event, suppliers need to review, distribute the auction price across line items, and submit their final bid.

View an event

• From the Events list, click an event to view its details.

See: Dutch auction - Details

Review event responses

For closed events, use the Details screen to review supplier bids. This screen provides a chart summary of the auction, a summary of bids received, and a list of invitations sent to supplier.

See: Review supplier responses and Tips for reviewing supplier responses.

Download responses

If you want to view a supplier's response outside of Fairmarkit, you can download a summary of their response and any attachments.

See: View event details and history.

Run a new round

If you need to gather additional bids after reviewing a closed event, you can run a new round. This allows you to add or remove suppliers and line items while retaining previous responses. Suppliers receive a new invitation and only need to respond to new items.

The Run new round option is available if multi-round is enabled for your company.

See: Multi-round events (RFQ & auction)

Award a response

Once an event is closed and you’ve reviewed supplier responses, it’s time to award the event. Depending on your needs, you can award the entire event to one supplier, split award line items among multiple suppliers, or partially award some items to different suppliers. This finalizes your procurement process in Fairmarkit.

Awarding in Fairmarkit may also update data in your purchasing application, depending on the event type and your organization’s integration settings (e.g., updating a purchase requisition with an awarded supplier and a price). See Integrations.

See: Award an event