Tender Rules

Last updated May 30 2025

Sales Tender Rules

Nui offers two tender types:

Open: All bids are visible to all tender participants.
Blind: Participants only see their own bids.

A Tender can be in one of several states:

Planning: The Tender has been created but not yet published
Published: The tender has been published but not started.
Active: The Tender has started and is open for bids
Cancelled: The Tender has been removed before it was published.
Finished: The Tender has finished but is yet to be finalised
Archived: The Tender has been finalised and is no longer open for bids or trade.

Tender Offers:

Start price: The minimum price that a bid can be placed at. This is set by the Tender owner. and is the price that all bids must meet or exceed.
Reserve price: The tender owner may elect to set a reserve price for any tender offer. This is the minimum price that the tender owner will be obliged to trade. If no bids are placed that exceed the reserve price the tender owner is not obligated to trade.

Tender Bids:

All bids are considered firm.
Bids are placed at a per unit value.
The value you enter will not be adjusted. This will be the final traded price if successful.

Placing bids:

When placing a new bid or editing an existing bid the bid must exceed the highest of; the offer's start price, or the current bid price at which the offer's quantity is filled.
Bids can only be placed at the price increment set.
The volume of the bid can not exceed the volume of the offer placed.
Multiple bids may be placed at the same price, so long as the total quantity of the bids at that price is less than or equal to the offer's quantity.
When multiple bids are placed at the same price, the bid that was placed first will be shown as rank 1.

Auto-bids:

Auto-bids are available on open tenders.
Auto-bids create system generated bids up to the creator’s maximum price.
The auto-bid maximum price can only be viewed by its creator.
Auto-bids will attempt to place a bid to keep the bid in rank 1 position, until the auto-bid maximum is reached. If the maximum price is reached, no further bids will be placed and the bidder will be notified that they have been out-bid.
Auto-bids can be placed at any time after the Tender is published. Before the start of the tender these auto-bids can be deleted, or edited freely. Once the tender has started they can be edited in line with standard bids.
Any auto-bids placed prior to the tender starting will auto-resolve when the tender starts.

Other people’s bids:

In Open tenders, participants will be able to see bids placed by other participants but not who placed them.
Nui compares equivalent prices across participants to rank bids (adjusting for individual freight or finance terms). Other participant’s prices will be displayed to you at a price equivalent to your own.

Editing bids:

Bids may be edited at any time whilst the tender is active.
Bids may be edited to change the price of the bid, or the quantity of the bid. Bid volume can not be edited to exceed the quantity of the offer.
Bids also may not be edited to decrease the quantity of the bid unless the bid's price is also increased.

Deleting bids:

Bids cannot be deleted once they have been placed, with the exception of auto-bids before the start of the Tender.
In some exceptional circumstances, Nui will consider deleting a bid. This is only viable if:
- The bid has clearly been placed in error.
- Nui is notified and is able to act whilst the tender is still running.
- The bid is not perceived to have impacted the market price (i.e., no additional bids have been placed after this bid).

Auto Extension:

If any bids are placed on any offer within the tender's final 30 seconds, the entire tender will be automatically extended by 1 minute.

Once a tender has finished:

The tender owner is obligated to trade the total volume of the top ranked bid for all offers.
Additional volume can be traded by the tender owner at their discretion.

Prourement Tender Rules

Nui offers two tender types:

Open: All offers are visible to all tender participants.
Blind: Participants only see their own offers.

A Tender can be in one of several states:

Planning: The Tender has been created but not yet published
Published: The tender has been published but not started.
Active: The Tender has started and is open for offers
Cancelled: The Tender has been removed before it was published.
Finished: The Tender has finished and is no longer open for bids
Archived: The Tender has been finalised and all trades confirmed.

Tender Bids:

Start price: The maximum price that an offer can be placed at. This is set by the Tender owner and is the price that all offers must meet or be lower.
Reserve price: The tender owner may elect to set a reserve price for any tender bid. This is the maximum price that the tender owner will be obliged to trade. If no offers are placed below the reserve price the tender owner is not obligated to trade.

Tender Offers:

All offers are considered firm.
Offers are placed at a per unit value.
The value you enter will not be adjusted. This will be the final traded price if successful.

Placing offers:

When placing a new offer or editing an existing offer, the offer must be lower than the lower of: the bid's start price, or the current offer price at which the bid's quantity is filled.
Offers can only be placed at the price increment set.
The volume of the offer can not exceed the volume of the bid placed.
Multiple offers may be placed at the same price, so long as the total quantity of the offers at that price is less than or equal to the bid's quantity.
When multiple offers are placed at the same price, the offer that was placed first will be shown as rank 1.

Auto-offers:

Auto-offers are available on open tenders.
Auto-offers create system generated offers down to the creator’s minimum price.
The auto-offer maximum price can only be viewed by its creator.
Auto-offers will attempt to place an offer to keep the offer in rank 1 position,until the auto-offer minimum is reached. If the minimum price is reached, no further offers will be placed and the seller will be notified that they have been out-bid.
Auto-offers can be placed at any time after the Tender is published. Before the start of the tender these auto-offers can be deleted, or edited freely. Once the tender has started they can be edited in line with standard offers.
Any auto-offers placed prior to the tender starting will auto-resolve when the tender starts.

Other people’s offers:

In open tenders, participants will be able to see offers placed by other participants but not who placed them.
Nui compares equivalent prices across participants to rank offers (adjusting for individual freight or finance terms). Other participant’s prices will be displayed to you at a price equivalent to your own.

Editing Offers:

Offers may be edited at any time whilst the tender is active.
Offers may be edited to change the price of the offer, or the quantity of the offer. Offers volume may not be edited to exceed the quantity of the bid.
Offers may not be edited to decrease the quantity of the offer unless the offer's price is also decreased.

Deleting offers:

Offers cannot be deleted once they have been placed, with the exception of auto-offers before the start of the Tender.
In some exceptional circumstances, Nui will consider deleting an offer. This is only viable if:
- The offer has clearly been placed in error.
- Nui is notified and is able to act whilst the tender is still running.
- The offer is not perceived to have impacted the market price (i.e., no additional offers have been placed after this offer).