What is initial duration in SAP SRM-LA - Live Auction?

SAP Term: initial duration

• Component: SRM-LA

• Component Name: Live Auction

• Description: The time between the overall auction start date and the end date of the first lot or line item.

Smart SAP Assistant

• Key Concepts: 
  Initial duration is a feature of SAP SRM-LA Live Auction that allows the buyer to set a time limit for the auction. This time limit is the maximum amount of time that the auction will run for, and it is set by the buyer before the auction begins. Once the initial duration has been reached, the auction will end regardless of whether or not all bids have been placed. 
  
  How to use it: 
  To use initial duration, the buyer must first set a time limit for the auction. This can be done in the “Settings” tab of the SRM-LA Live Auction interface. Once the time limit has been set, the buyer can start the auction and it will run until either all bids have been placed or the initial duration has been reached. 
  
  Tips & Tricks: 
  It is important to set an appropriate initial duration for your auction. If you set a time limit that is too short, you may not give bidders enough time to place their bids. On the other hand, if you set a time limit that is too long, you may end up with an auction that takes too long to complete. 
  
  Related Information: 
  Initial duration is just one of many features available in SAP SRM-LA Live Auction. Other features include bid increments, reserve prices, and bid notifications. For more information on these features and how to use them, please refer to SAP’s official documentation on SRM-LA Live Auction.