(1) A procuring entity may choose to procure a subject matter of procurement by the method of reverse auction, if,-
(a) it is feasible for the procuring entity to formulate a detailed description of the subject matter of the procurement;
(b) there is a competitive market of bidders anticipated to be qualified to participate in the reverse auction, such that effective competition is ensured; and
(c) the criteria to be used by the procuring entity in determining the successful bid are quantifiable and can be expressed in monetary terms.
(2) Subject to the rules as may be made in this behalf, the procedure for reverse auction shall include the following, namely:-
(a) the procuring entity shall invite bids to the reverse auction by causing an invitation to be published in accordance with sub-section (5) of section 28 or issued in accordance with sub-section (2) of section 29, as the case may be; and
(b) the invitation shall, in addition to the information as set out in bidding documents, include details relating to,–
(i) access to and registration for the auction;
(ii) opening and closing of auction;
(iii) norms for conducting the auction; and
(iv) any other information as may be relevant to the method of procurement.
PUNJAB GOVT. GAZ. (EXTRA), SEPTEMBER 10, 2019 (BHDR 19, 1941 SAKA) 120 Request for quotations and spot purchase.
(3) Reverse auction may also be used for obtaining the best financial bid in two stage bidding under section 31 and where the two envelope bid system is followed in terms of section 15.