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What is a Forward Auction?

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What is a Forward Auction?

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A “Forward Auction”, generally termed “Auction”, is an auction format generated by a Seller soliciting the highest bid from a Bidder for a product or service. The Forward Auction describes the product for sale with multiple photos and text narratives and asks the Buyer to place their highest “BID” for the purchase of the item. The companies or individuals selling a product or service create “Forward Auctions”. These are the sellers mentioned above. We now refer to them as “Requesters” that request buyers to buy their products or services. The buyers of such products and services are called “Bidders”. (Only in Forward Auction formats.) After the Forward Auction has ended, MBx names the winning bidder based solely upon the amount of the highest bid. Both the requester and the winning bidder are automatically notified by e-mail. The winning bidder is determined solely by the amount of the highest bid. Forward Auction Participants and Process: • Bidders (Buyers): These are companies or ind

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