Method and system for automated auction and tender of complex multi-variable commodities
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United States of America Patent
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Nov 16, 2010
Grant Date -
N/A
app pub date -
Feb 2, 2000
filing date -
Feb 2, 2000
priority date (Note) -
Expired
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Abstract
A system and method for the auction and tender of complex multi-variable commodities, which are defined as commodities having a plurality of characteristics with each characteristic's value contributing to the determination of the commodity price. The system and method are implemented using an exception handling process whereby a tender participant requests exceptions to the terms and conditions of the original tender. The original tender serves as the baseline tender all participants bid on. Exceptions are changes that are priced in addition to the baseline bid. The suggested auction and tender winners are determined based on the their baseline bids. The winner can execute accepted exceptions for an additional fee.
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