In the context of an e-procurement reverse auction, an extension is the set threshold in which the event will extend if a quote submitted in the last ‘x’ minutes of the event. For example, if the threshold is set at 2 minutes, then during a reverse auction, any quotes submitted after the timer has counted down lower than 2 minutes will reset that timer back to the 2 minute mark. Extensions can be an indefinitely continuous process for as long as the above criteria are met.