The official business definition of E-Auctions is a form of auction where suppliers compete in a virtual marketplace to provide goods and services at the most competitive price. The process of an e-auction is generally conducted online, with multiple suppliers submitting bids in real-time. This type of auction allows buyers to save time and money, while simultaneously conducting business in a secure and transparent environment. The bidding process typically takes place over a short period of time, usually a few hours or less, and there is usually a set time limit for each bid. This ensures that all participating suppliers have an equal chance of securing the most competitive price. The final bid is then accepted and the buyer is given the opportunity to review and approve the terms of the transaction. Once the terms have been agreed upon, the supplier is then notified and the transaction is finalized. E-Auctions are beneficial to both buyers