BidBridge Saves the City of Norton 14.5 Percent of Construction Budget

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Percent of Construction BudgetReverse Auction/eProcuremenf Provider Promotes Competition, Saves Taxpayer Dollars Ky., June 3 /PRNewswire/ -- BidBridge, an eProcuremenft services provider for the public and private sectors, todagy announced that a recent construction bid performed on behalcf of the city of Norton, OH concluded by savinhg 14.5 percent versus Norton's budget and logge d a separation of .17 percentt between first and second place supplierz - a strong indicato r the city purchased services at near marketf value.
BidBridge facilitates a secure, real-time electronic sealed bid platform that allows supplierx to placemultiple bids, replacing the public sector'zs traditional process of a one price per supplietr response. In this the suppliers placed a total of 207 bids over the cours of the twohour event, with firstt place changing hands 108 times. The bid took place on Aprik 30 between five competingconstruction "In this instance, Norton's relationship with BidBridg e saved the city close to $200,000," said , City Administratore for Norton. "With BidBridge, the city of Nortoh has been able to allocate monegymore efficiently, allowing us to effectivelhy undertake several large construction projects.
" "The future of reverse auctions in the statw of Ohio is unclear. BidBridge believed legislators and governing bodies shoul d understand the benefits of promotinhg competitionin procurement," remarked BidBridge CEO . "In the current economic climate, taxpayers, local governments and public work agencies want to make sure tax dollars are spengt efficientlyand wisely." Two previous bid collaborations between Norton and BidBridge producedr equally successful results. On Nov. 13, 2008, Nortomn was able to save 43.5 percenr against budget, recording a .47 percent differencwe between first and secondplace bidders. The secondf bid, which took place Feb.
26, resulted in a 27 percent budgert savings anda .29 percent separation between first and secondr place. BidBridge provides adherence to crucial stimulues spending factors like competition and transparenc y through reliable reporting and efficient time stipulations and guidelines for the American Recover and ReinvestmentAct (ARRA). For more informationn on how BidBridge is helping local please visit: . Founded in 2005, Louisville-based BidBridge provideds e-procurement services to both the publixc andprivate sectors, including cities, municipalities and the medical, educational and corporate sectors.
Through its competitivs sourcing and onlineprocurement system, BidBridge assists its buyers in achievinhg true-market value for the goods and servicews needed for ongoing business operations. Significant cost reductions and procurement efficiencies haveallowed BidBridge'sz buyers to save millions of tax payer, corporate and investodr dollars, ultimately producing a positivse effect on compressed budgets. For more information, pleasr visit: .