Method and system for automated auction and tender of complex multi-variable commodities

Abstract

A system and method for the auction and tender of complex multi-variable commodities, which are defined as commodities having a plurality of characteristics with each characteristic's value contributing to the determination of the commodity price. The system and method are implemented using an exception handling process whereby a tender participant requests exceptions to the terms and conditions of the original tender. The original tender serves as the baseline tender all participants bid on. Exceptions are changes that are priced in addition to the baseline bid. The suggested auction and tender winners are determined based on their baseline bids. The winner can execute accepted exceptions for an additional fee.

1 . A method for a tender recipient to respond to at least one tender, comprising the steps of:
 receiving by a communication device, via a communication network, information regarding the at least one tender of a multi-variable commodity, wherein the at least one tender comprises at least one term and includes an authorization to receive a request to change the at least one term;   transmitting, via the communication network, the request to change the at least one term by the communication device; and   amending, via a processing device, the at least one term to create an amended tender;   wherein the amended tender is created upon accepting the request to change the at least one term,   wherein the amended tender comprises the at least one term and a changed term, and   wherein the at least one term that is changed relates to a physical characteristic of the complex multi-variable commodity.   
     
     
         2 . The method of  claim 1 , further comprising storing, via a storage device, the information regarding the at least one tender. 
     
     
         3 . The method of  claim 2 , wherein the storage device comprises a relational database. 
     
     
         4 . The method of  claim 1 , wherein the request to change the at least one term is transmitted by the communication device associated with the tender recipient. 
     
     
         5 . The method of  claim 1 , further comprising generating, via the processing device, the information regarding the at least one tender. 
     
     
         6 . The method of  claim 1 , wherein the system receives the information electronically via an internet. 
     
     
         7 . The method of  claim 1 , wherein the system receives the information electronically via a network of additional processing devices. 
     
     
         8 . A system for a tender recipient to respond to at least one tender, comprising:
 a communication device for receiving, via a communication network, information regarding the at least one tender of a multi-variable commodity and for transmitting, via the communication network, the request to change the at least one term via; and   a processing device for amending the at least one term to create an amended tender;   wherein the amended tender comprises the at least one term and a changed term,   wherein the amended tender is created upon accepting the request to change the at least one term,   wherein the at least one tender comprises at least one term and an authorization to receive the request to change the at least one term   wherein the at least one term that is changed relates to a physical characteristic of the complex multi-variable commodity.   
     
     
         9 . The system of  claim 8 , wherein the information regarding the at least one tender is stored via a storage device. 
     
     
         10 . The system of  claim 9 , wherein the storage device comprises a relational database. 
     
     
         11 . The system of  claim 8  wherein the request to change the at least one term is transmitted by the communication device associated with the tender recipient. 
     
     
         12 . The system of  claim 8 , wherein the processing device generates the information regarding the at least one tender. 
     
     
         13 . The system of  claim 8 , wherein the system receives the information electronically via an internet. 
     
     
         14 . The system of  claim 8 , wherein the system receives the information electronically via a network of additional processing devices. 
     
     
         15 . A system for utilizing at least one tender created by a tender initiator, comprising:
 a storage device adapted for storing information regarding at least one term of at least one tender and for storing an authorization to request a change to the at least one term for a complex multi-variable commodity; and   a processing device for transmitting the at least one term to a communication device and for receiving the request to change the at least one term from the communication device;   wherein the processing device creates an amended tender upon accepting the request to change the at least one term,   wherein the amended tender comprises the at least one term and a changed term, and   wherein the at least one term that is changed relates to a physical characteristic of the complex multi-variable commodity.   
     
     
         16 . The system of  claim 15 , wherein the storage device comprises a relational database. 
     
     
         17 . The system of  claim 15 , wherein the request to change the at least one term is transmitted by the communication device associated with a tender recipient. 
     
     
         18 . The system of  claim 15 , wherein the system receives the information electronically via an internet. 
     
     
         19 . The system of  claim 15 , wherein the system receives the information electronically via a network of additional processing devices. 
     
     
         20 . The system of  claim 15 , wherein the processing device transmits the received request to a further processing device in response to receiving the request from the communication device.