| 20100312662 | System and Method for Conducting Online Auctions - The invention relates to a system and method for conducting online auctions, and has particular application in conducting business on-line over a network of computers such as the Internet, for establishing materials supply contracts. In particular, the invention relates to control of a reserve price in an online bidding event. An online auction between a controlling party and at least two competing participants comprises the steps of setting a reserve price for the auction, conducting the auction between the at least two competing parties, determining whether a predetermined time trigger has been reached and suspending the auction if the reserve price is not reached at the time, determining whether the controlling party has selected to enter an optional reserve price negotiation phase, and revising the reserve price for that reserve price negotiation phase, and accordingly, extending the auction based on the revised reserve price. In application to a factored reserve or forward auction event, the invention allows the transparency and integrity of the real time negotiation process to be maintained beyond the normal bidding event and into an auction extension phase based on the revised reserve price. | 12-09-2010 |
| 20080313089 | Multiple Option Auction Method and System - The present invention relates generally to a method and system for conducting online auctions. It has particular application in conducting business over a network of computers such as the Internet, for establishing materials or service supply or sales contracts, agreements for allocation of resources, etc. In particular, the invention relates to the use of multiple options within an online auction scenario. In one form, the invention provides a method for conducting an online auction event to establish a contract, the event conducted between a controlling party and at least two parties from a prescribed panel of qualified competing bidding parties, each competing bidding party operating a bidding computer, the online auction event including at least two alternative contract options potentially acceptable to said controlling party, the online auction event conducted by receiving bids from respective bidding computers, automatically comparing, during the online auction event, the respective bids and the respective contract options involving those bids, and selecting from said alternative contract options to award the contract on the basis of the comparisons. | 12-18-2008 |
