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(A) For each reverse auction, the purchasing agent must establish an initial bidding period during which bidders may submit prices for which the supplies being offered may be purchased. The initial bidding period shall not be less than one hour. The purchasing agent may automatically extend the reverse auction bidding period for additional pre-determined periods based upon competitive activity.
(B) During the bidding period for the reverse auction, information available for public display is limited to the ranking, price and name of bidders of each price bid relative to all other prices bid.
(C) The dollar amounts of the prices bid by bidders shall not be disclosed to the bidders until the close of the bidding period.
(D) All information received, obtained or retained during a reverse auction remains confidential and may not be disclosed until after the close of the reverse auction bidding period.
(Res. 2007-24, passed 11-12-2007)