| This link takes you to a site, maintained by Sorcity.com, Inc., where reverse auctions are conducted for business and industrial materials, supplies, and services. At a reverse auction, buyers post products or services desired. A seller then bids to meet the buyer’s request, and bids down from a pre-determined high price. No obligation by the buyer to accept either the high initial price or lower prices exists, until the price goes down to a pre-determined guaranteed acceptance price, known only to the buyer and the site’s operator. At this guaranteed acceptance price, or a lower price, the buyer agrees to accept the bid, if the bidder meets the buyer’s specifications and other requirements. |