Orbis Online - Technology, Savings, Simplicity.

Glossary

B2B (Business-to-Business): A business conducting e-commerce with another business or businesses.

B2C (Business-to-Consumer): A business conducting e-commerce with a consumer or consumers.

B2G (Business-to-Government): A business conducting e-commerce with a government agency.

Browser: The browser is the application that provides access to various kinds of Internet resources. It is the vehicle used to view information on the world wide web. There are several different Internet browsers that are freely available for download. Internet Explorer 4.0 or later is the best one to use with Orbis Online real-time auctions.

Buyer: A buyer is an Orbis Online client who has business up for bid. They wish to procure products or services from suppliers in a competitive environment.

C2C (Consumer-to-Consumer): A consumer conducting e-commerce with a consumer or consumers.

Current Supplier Cost: Generally established by obtaining two or more quotes from current suppliers and averaging them. If this is not possible, the historical cost may be used from your most current invoice for the exact item.

Drop-down box: This is a box that generally contains choices. By clicking on the arrow to the right of the box, your choices will pop down and you may select.

Dutch Auction: An auction in which more than one identical item is offered for sale at the same time. With multiple items up for sale, multiple bidders can win. Also, one bidder can try to buy more than one quantity of the same item. All winning bidders pay the lowest successful bid amount.

e-Commerce (Electronic Commerce): As most restrictively defined, electronic commerce is the buying and selling of goods and services, and the transfer of funds, through digital communications.

English Auction: An auction in which there is only one item for sale. The seller sets the opening bid, and both the buyer and seller must respect the final price at the end of the auction.

Forward Auction: An auction in which purchasers place competing bids on items for sale. Both the buyer and seller must respect the final price at the end of the auction provided the highest bid placed meets, or is higher than, the target price indicated by the seller.

Home Page: The main page of hypertext-based information for an individual or organization on the world wide web (www).

HTML (Hypertext Markup Language): The coding applied to text files that allows them to appear as formatted hypermedia documents on the World Wide Web.

Line Items: Any specific type of item. For example, three different sized tires are three different line items.

Lot: A group of items, which can be of different types, or number. These items (or lot) are then bid on as a whole.

Open Market Exchange (OME): A marketplace where products in a wide variety of categories are sold, utilizing forward auctions.

Overtime: Overtime occurs when bidders continue to bid, even though the allotted auction time has expired. As long as there is activity in the last 5 minutes of an auction, it will remain open using a reset clock that extends the auction, until a full 5 minutes passes with no bids being placed. (The overtime feature was created so that, in all fairness, if a participant is having technical difficulties with their computer or Internet connection, there is sufficient time to place another bid by telephone.)

RFQ (Request for Quote): A detailed request from a buyer for prices from potential sellers for products or services (usually of a large quantity) that can be purchased at one time. Real-Time

Reverse Auction: An auction that typically lasts only a matter of hours. This intense period of bidding activity is facilitated by Orbis Online's proprietary real-time software, which initiates a web-based bidding session that features graphical representations of real-time bidding activity.

Supplier: A participant in a reverse auction who is bidding on business from a buyer.

Target Price: Used only in English auctions, the target price is the minimum price set by the seller, indicating the lowest bid they will accept for their item(s). In the case of a reverse auction, it is the highest price the buyer is willing to accept.

Standard Reverse Auction: An auction that allows sellers to bid on a Request for Quote (RFQ) hoping to be the lowest bidder. The duration of the RFQ depends on options selected by the listing's poster. The minimum listing on Orbis Online for a Standard Reverse Auction is 7 days.

Starting Price: The smallest amount that can be entered as a bid for a specific auction. This amount is established by the seller and is shown on that specific forward auction page.

Status:

Pending: When a RFQ is waiting for an auction date/time to be set.
Available: The RFQ has an auction date and time. Sellers can request to participate and, once approved, participate in the live event.
Active: The auction is open and accepting real-time bids.
Closed: The auction is complete and no more bids can be placed.
Incomplete: The auction has ended and is in the process of being changed to "closed". This status is used in cases when a seller has contacted Orbis Online during the auction and wants to change a bid. While Orbis Online is verifying the request, the auction will be held in "incomplete" status.