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2001 SESSION

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SB 1024 Public Procurement Act; procurement by reverse auctioning.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia Public Procurement Act; procurement by reverse auctioning. Allows the purchase of goods and nonprofessional services by reverse auctioning. Reverse auctioning is defined as a procurement method wherein bidders are invited to bid on specified goods or nonprofessional services through real-time electronic bidding, with the award being made to the lowest responsive and responsible bidder. In addition, during the bidding process, bidders’ prices are revealed and bidders shall have the opportunity to modify their bid prices for the duration of the time period established for bid opening. The bill contains a sunset provision of July 1, 2003.


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