Reverse auction is associated with internet auction and e-purchasing. It is also known by many names like procurement auction, sourcing event, e-sourcing and e-auction. In a regular auction, purchasers are allowed to place a bid on an item, which is the amount they are willing to pay in order to buy the item. The person who places the highest bid usually ends up with the item. But in reverse auction, the opposite is true. Buyer advertises a need for an item or service. Sellers then place bids for the amount they expect to be paid in order to perform such a service or provide such an item. Generally, the seller who places the lowest bid will win the job or sell the item. Reverse auction begins with a meeting that takes place between the buyer and seller, who is known as market maker. Special considerations like the necessary materials, time frame and budget for the job are discussed at the meeting. If the buyer is interested in purchasing an item, consideration such as the age of the item and quality of the item may be discussed beforehand.