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Freemarkets’ core service is to provide Online Industrial Market Making (OIMM) services that culminate in real-time Competitive Bidding Events (CBEs). During CBEs, a single industrial buyer uses the FreeMarkets BidWare software and a secure private network to allow a number of potential suppliers to simultaneously submit their price bids against one another, while attempting to win a buyer’s purchase order. This online auction process used by the industrial buyer creates a level of competitive intensity among suppliers that is more intense than sealed bidding or in-person negotiations. It is precisely this intense competition that drives bid prices down, resulting in huge savings on historical costs for the industrial buyer.
Approximate Word count = 404
Approximate Pages = 1.6
(250 words per page double spaced)
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