Importance

Loading Importance Indicators...

Abstract

An on-line interactive electronic commerce system for the purchase and sale of goods and/or services between purchasers and qualified suppliers. Suppliers are qualified to participate by submitting information and registering with the host site. Some suppliers must present a recognized certification to be classified as a minority or women-owned enterprise. Purchasers post a request for quote or request for purchase to the host site and qualified suppliers respond by bidding on the contract. Alternatively, the purchaser can order products directly from a catalog established by qualified suppliers and accessible through the host site. Suppliers can bid on projects/contracts through a reverse auction process, and the purchaser awards a contract to a bidding supplier and issues an appropriate purchase order. After the winning supplier fulfills the term of the purchase order, an invoice is transmitted to the purchaser and payment is rendered, all via the host site. The host site presents a report summarizing each completed transaction, and can provide a statistical analysis of the total transaction.

Loading the Abstract Image...

First Claim