The Chemarc Reverse Auction feature provides Buyers a secure and transparent mechanism for the best price discovery for their procurement of any product. All registered Buyers on Chemarc.com with a subscription for the Reverse Auction Module can schedule a Chemarc Reverse Auction in their Buying Dashboard for any product describing the product, their terms of procurement and inviting competitive bids from suppliers at an appointed time.

Invited suppliers upon confirmation of acceptance of the Buyers requirements and the terms and conditions of the Reverse Auction can place multiple bids for the price they can offer. Upon conclusion of bidding, the Buyer places order on one or more of the lowest bidders as stipulated in terms of the Auction.