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4. The online reverse auction company must post the approved specifications on its website in a <br />manner consistent with Ind. Code 5-3-1 to -4. <br />5. The specifications for whatever good/equipment procured through the online reverse auction must <br />be approved by the Board, and payments shall be made in accordance with terms set forth in the <br />specifications. <br />5. The specifications shall clearly outline the name of the online reverse auction company, the date and <br />time when the online auction will begin and end, and the location where bids will be opened online <br />for public dissemination. <br />7. The online reverse auction must protect the name of any offeror until the expiration of the auction. <br />8. The online reverse auction must display each bid throughout the duration of the auction. <br />9. Upon selecting the lowest bid submitted online, an internal City team will review the bid submission <br />to make sure that it fully complies with the requirements to conduct business with the City, as well <br />as the intent of the specifications. The City may award to the next lowest bid if the lowest offeror <br />does not meet the specifications or any City requirement. <br />10. The City may reject all offers made through the online reverse auction upon its discretion and <br />without justification. <br />11. The City shall maintain adequate documentation regarding its reverse auctions so that the <br />transactions may be audited as provided by law. <br />