Way2Bid Exchange Offers Electronic Sealed, Open or Blind Bidding to Public Purchasers; Members Can Use a Variety of Bidding Scenarios to Fit Their Needs.Business Editors SPRINGFIELD, Mo.--(BUSINESS WIRE)--March 1, 2001 Way2Bid, Inc., a pioneer in Business to Government (B2G (Business to Government) Refers to commercial enterprises selling to government agencies. See B2B. ) online purchasing, announced today that members of its Way2Bid Exchange, an online purchasing marketplace for public sector buyers and vendors, will soon benefit from increased sealed bidding options based on the company's patent-pending sealed bid technology. The new technology will build on the current locked bid function on the Way2Bid Exchange. Members of the exchange will be able to create sealed bids, open bids and blind bids on the system -- an option no other public sector marketplace can match. The technology, developed for Way2Bid by Oracle Corporation as part of the Oracle Exchange platform, will enable buyers on the Way2Bid Exchange to determine who has access to view submitted bids -- a necessary element of purchasing in the public sector. "The addition of bidding options on the Way2Bid Exchange is a natural extension of our commitment to provide public purchasers with the tools they need to do their business online," Bill Perkin, Way2Bid CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said. "We started our commitment to sealed bidding options back when we applied for a patent of our sealed bidding process in 1997. This web-based application See Web application. is just the newest generation of Way2Bid's focus." Sealed bids, which are required under public sector purchasing laws, prevent either buyers or vendors from viewing the submitted bids until the predetermined pre·de·ter·mine v. pre·de·ter·mined, pre·de·ter·min·ing, pre·de·ter·mines v.tr. 1. To determine, decide, or establish in advance: date and time. This time-honored process ensures that all information remains private, ensuring fair and equal opportunity to all vendors. Blind bids prevent vendors from viewing bids submitted by other vendors and from knowing which vendors are participating in a bid event. The buyer who creates the blind bid is able to view the incoming bids and monitor the bidding process. Open bids allow all participants, whether buyer or vendors, to view the identities of participating bidders and their submitted bids. Way2Bid, Inc., located in Springfield, Missouri Springfield is the third largest city in Missouri. On July 1, 2006, its estimated population was 150,797, of whom 150,790 lived in Greene County and 7 lived in Christian County[1]. It is the county seat of Greene County. , launched the Way2Bid Exchange in June 2000. The web-based system follows versions of online purchasing software designed and supported by the company since 1997. The Way2Bid Exchange offers an online marketplace for buyers and vendors in government and education markets. Built with Oracle(R) Exchange technology, the Way2Bid Exchange offers a complete line of secure, web-based procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. services designed to fulfill public purchasing requirements, including auctions, catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. shopping, contract purchasing, and support of the public bid process. For more information about Way2Bid, contact Debra Risner, Director of Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most , at 888/292-9224 or visit www.way2bid.com. Note to Editors: Way2Bid's sealed bidding technology is patent-pending. Way2Bid is a registered trademark of Way2Bid, Inc. Oracle is a registered trademark of Oracle Corporation. |
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