The oboloo Team

The Deputy Chief Information Officer (DCIO) is responsible for overseeing and steering the procurement of information technology products, services, and solutions across an organization. They are the primary liaison between the organization and vendors, ensuring that all contracts align with the organization’s vision and overall IT strategy. DCIOs must be highly knowledgeable in a variety […]

The Department of Conservation and Natural Resources (DCNR) Procurement is responsible for developing formal, competitively sourced contracts to support the department’s mission of managing and protecting Pennsylvania’s natural resources. This includes providing leadership in environmental protection, acquisition and management of public lands, stewardship of state park and forest resources, and providing opportunities for citizens to […]

Delivered Duty Paid (DDP) is a business term used in international trade contracts, which requires the seller to deliver goods to the buyer, and pay all costs including import customs clearance and applicable taxes. The seller is also responsible for any damage to or losses of the goods incurred during transit. DDP contracts provide a […]

The Department of Environmental Protection (DEP) is an agency of the government whose primary purpose is to ensure that the environment and natural resources of a given region are protected. This includes monitoring air and water quality, controlling environmental pollution, and creating sustainable policies for energy and land use. The DEP works in collaboration with […]

The Department of General Services (DGS) is a government organization responsible for the procurement of goods and services for public use. DGS ensures that all purchases are handled in a fair and legal manner, providing clear guidelines and regulations for the acquisition of various materials and resources. Moreover, DGS takes into account ethical considerations such […]

The Department of Human Services (DHS) is a government agency that provides essential services in the areas of health, Mental Health, and Disabilities. DHS’s mission is to provide timely, seamless access to quality human services for individuals and families. On the procurement side, the purpose of DHS is to ensure that goods and services provided […]

Delivery In Full and On Time (DIFOT) is a metric of success used in procurement that evaluates the delivery process from supplier to customer. It is a quality measure that determines if goods are received as per the agreed-upon specifications at the time and place agreed upon. DIFOT is essential for improving customer service and […]

The Defense Logistics Agency (DLA) is a combat support agency and one of the Department of Defense’s largest logistics organizations. It provides global logistics support to military forces, including storage, transportation, acquisition, supply management, and other related services. With its network of more than 3,500 major and minor suppliers, DLA ensures that the U.S. Armed […]

Profit and Loss (P&L) is a financial statement used in procurement to indicate the financial performance of an organization over a specified period of time. It is calculated by subtracting the total expenses of the business from its total income, resulting in either a profit or loss. P&L statements provide organizations with insights into how […]

DMAIC is a problem-solving approach used in the business world to drive improvement in procurement. It stands for Define, Measure, Analyse, Improve, and Control. DMAIC facilitates an organized method for accurately assessing processes, identifying inefficiencies, and developing solutions that are tailored to the specific needs of a business. The approach emphasizes the importance of data-driven […]

The Department of Military and Veterans Affairs (DMVA) is an agency of the state government that provides a range of services to both veterans and members of the military. DMVA is responsible for procuring goods and services on behalf of the federal and state governments for the purpose of veterans’ benefits, medical care, readjustment, and […]

The Division of Minority and Women’s Business Development (DMWBD) is an arm of the procurement department responsible for promoting equal opportunity in business, particularly in dealing with minority- and women-owned businesses. Through its various initiatives, DMWBD works to ensure that all entrepreneurs can access important resources like capital and contracting opportunities. The department also strives […]

A Delivery Order (DO) is a legal document issued by a buyer, either in the public or private sector, to confirm an order that has been placed with a supplier. A DO is typically used to order new goods, services or materials and defines the quantity, price and payment terms of items being purchased. It […]

The Department of Corrections (DOC) is an agency that is responsible for the safe and secure housing of individuals who have been convicted of criminal offenses. DOC strives to provide social services, supervision, education, job placement, re-entry programs, and more to incarcerated individuals. Additionally, DOC is focused on providing effective correctional services in a partnership […]

The Department of Defense (DoD) defines procurement as the acquisition of goods, services, and construction on behalf of the DoD that are necessary for carrying out its mission. This includes administrative, acquisition-related activities, such as identifying a requirement; issuing contracts, orders, or delivery documents; receiving supplies or services; displaying property accountability; and paying for items […]

The Department of Labor (DOL) is the federal agency responsible for regulating and enforcing labor law. Its mission is to ensure a fair and equitable workplace for all workers in the United States. In particular, when it comes to procurement, DOL requires that vendor contracts adhere to certain labor standards and that products purchased are […]

The Dynamic Purchasing System (DPS) is a method of public procurement used by governmental entities to ensure the delivery of quality goods, services, and works at competitive prices. The DPS framework functions as an electronic open market platform, where suppliers are able to submit bids for contracts in real-time on approved supplier lists. By engaging […]

Disqualification in the procurement process is a form of administrative action that eliminates vendors from consideration for a particular contract or agreement based on factors such as noncompliance with regulations, unethical business practices, or failure to meet certain standards of quality. This action serves to protect both parties throughout their negotiations and ensure that any […]

An Enterprise Agreement (EA) is a business agreement between an organization and a supplier that outlines the parameters, pricing, and terms of engaging in long-term relationships. An EA provides mutual risk mitigation for both parties by establishing common contractual ground rules and effectively streamlining the procurement process. It gives organizations the opportunity to benefit from […]

The European Article Number (EAN) or International Article Number (IAN) is a widely used globally-recognized system for labelling and tracking products. EANs are unique identifying numbers that can be presented in either barcode format, allowing for easy automation of purchase orders in the procurement process. In addition to identifying individual items, EANs help promoters and […]

EBIT, or Earnings Before Interest and Taxes, is an official business accounting measure used to assess the profitability of a company’s operations before interest and taxes are taken into account. The measure can be used to understand the performance of a given venture or project by analyzing operational costs relative to income generated. In procurement, […]

EBITDA is an acronym that stands for Earnings Before Interest, Taxes, Depreciation & Amortisation. In the context of procurement, EBITDA is a useful measure of a business’s financial performance since it takes into account key factors such as income and expenses, without having to take into account associated costs such as taxes or depreciation. By […]

Electronic Benefit Transfer (EBT) is a system of electronic funds transfer that enables state welfare departments to issue benefits such as food stamps, cash assistance, and other benefits via a debit card or direct deposit. EBT is used in the procurement process as a cost-effective way to distribute funds to individuals, businesses, and organizations. The […]

Efficient Consumer Response (ECR) is a business initiative focused on streamlining the procurement process for consumer goods by encouraging collaboration and communication between organisations in the supply chain. Its aim is to reduce costs by eliminating unnecessary steps, improving product availability, and enhancing customer satisfaction. ECR focuses on creating an efficient flow of information, goods, […]

Electronic Data Interchange (EDI) is an automated system through which structured business documents are exchanged between organizations in a secure and reliable manner. EDI is widely used in procurement processes, as it helps to streamline the document exchange of data such as purchase orders, invoices, and shipping confirmations. By using this technology, companies can reduce […]

Equal Employment Opportunity (EEO) is the law of the land that ensures employers do not discriminate against individuals on the basis of their race, color, religion, sex, national origin, age, disability, or veteran status. The purpose of EEO in procurement is to provide a level playing field for all businesses, ensuring that there is fair […]

Electronic Funds Transfer (EFT) is a process for transferring funds electronically from one financial institution to another. It enables businesses to securely and cost-effectively transfer funds between accounts, making purchases and payments more efficient. With EFT, businesses can cut paperwork, reduce time and effort associated with manual payment processing, and streamline their accounting processes. As […]

The Employer Identification Number (EIN) is an official nine-digit code provided to a business or organization by the Internal Revenue Service (IRS). It is used primarily for identification purposes when filing taxes, establishing banking accounts, obtaining credit, and other financial transactions. As such, it is essential that businesses accurately provide their EIN when engaging in […]

EISSP (Enterprise IT Standard Selection Process) The Enterprise IT Standard Selection Process (EISSP) is a method of procurement within businesses that ensures the effective and efficient selection of appropriate standards for IT products, services, and processes. The process evaluates existing industry standards and weighs them against factors such as cost, complexity, quality, and reliability to […]

The Eco-Management and Audit Scheme (EMAS) is an official business certification which recognizes organizations that demonstrate leadership in environmental performance and sustainable development. It provides a framework for businesses to measure, improve, and communicate their environmental performance through rigorous self-evaluation, independent verification, and public reporting of the results. EMAS also measures economic and social sustainability, […]

Executive Order (EO) is used to describe an official document issued by the President of the United States, which outlines their directives and policies for federal agencies. It is often used in the procurement process, as it allows federal agencies to utilize exceptions or waivers that are granted in the executive order, thereby streamlining internal […]

An Expression of Interest, also known as an EOI, is a formal business document used by a prospective vendor in the procurement process. It signals to the buyer that they have the capabilities and capacity needed to execute a project or provide a service specified in the request for proposal (RFP). This document is usually […]

The Economic Order Quantity (EOQ) is a calculation used to define the optimal quantity for which to purchase inventory in a given procurement cycle. Utilizing the EOQ maximizes cost savings by minimizing ordering and holding costs. This process involves determining the minimum total cost of ordering and carrying inventory, while also accounting for any changes […]

The Environmental Protection Agency (EPA) is a government agency that sets and enforces standards for pollution control in the United States. EPA regulation plays an important role in promoting long-term sustainability goals across various industries, including procurement. Procurement professionals must understand how these rules apply to their contracts and take steps to ensure compliance with […]

Engineer, Procure, and Construct (EPC) is a professional business term referring to the process of contracting for the design, construction, and installation of industrial infrastructure by a single contractor. This process utilizes engineering, procurement, and construction management services to provide turnkey solutions from a single source of responsibility to its clients. EPC is an efficient […]

Engineering Procurement and Construction Management (EPCM) is an integrated approach to project delivery, wherein the contractor takes responsibility for the technical expertise and resources needed to manage a construction project from concept to completion. This includes providing design services, overseeing the purchase of necessary materials, coordinating contractors, making sure milestones are met on schedule and […]

EPIC (Engineer, Procure, Install and Commission) is the process of acquiring materials and services from external sources for use in a project. The term is generally used to refer to large-scale projects such as construction or infrastructure development which involve contracting out significant elements of the work. In terms of procurement, it refers to the […]

EPICOM, otherwise known as Engineer Procure Install Commission Operate and Maintain, is an official business definition of a process in procurement. This procedure involves the engineer designing a system or structure, procuring raw materials and equipment for the project, installing it on site, commissioning it to ensure it works correctly, operating the system, and maintaining […]

An Emergency Purchase Order (EPO) is a procurement process that involves the expedited procurement and delivery of certain goods or services. It is used to procure items when there is an immediate need for the item/service and waiting for a regular purchase order (PO) is not an option. EPOs are usually requested due to safety […]

ERP (Enterprise Resource Planning) Enterprise Resource Planning (ERP) is an integrated information system designed to streamline and optimize the procurement processes of an organization. It allows for the coordination of multiple business functions, including supply chain management, inventory control, financial management, human resources, and customer service. Through its integrative approach, ERP reduces costs and complexity […]

Environmental, Social and Governance (ESG) is a concept used in the procurement process that considers the effect of an organization’s operations on the environment, social wellbeing, and corporate governance when making decisions. It revolves around three key areas: environmental, social and governance. The environmental factor looks at how a company manages its resources and treats […]

Electronic Value Transfer (EVT) is a form of procurement payment method which facilitates the transfer of funds from a buyer to a seller in an electronic format. EVT eliminates the need for physical documents and manual processing, resulting in less paperwork, faster transaction completion times, and greater cost savings. With enhanced security measures in place, […]

EXW, or “Ex Works,” is a trading term used in international procurement that stipulates the seller is only responsible for delivering goods to their pre-determined place of departure. This means that the buyer is responsible for all costs associated with collecting the goods from the seller’s premises, plus any additional costs related to bringing the […]

A Framework Agreement (FA) in procurement is an arrangement between two or more parties, wherein the parties agree to certain terms and conditions for future transactions. These transactions can include anything from delivery of goods or services to order placement and payment. By entering into a FA, both parties define the framework that governs their […]

The Federal Aviation Administration (FAA) is the official business regulatory agency under the U.S. Department of Transportation responsible for oversight and regulation of all aviation related activities, including aircraft operations, airport activities, and air traffic control. From a procurement perspective, the FAA sets regulatory standards for procurement, ensuring that air carriers receive fair and competitive […]

The Federal Acquisition Regulation (FAR) is the official policy of the United States government for procuring goods and services from external sources. The FAR outlines standards that must be followed when conducting a procurement, including when to solicit bids, the evaluation process, contract awards, modification and cancellation of contracts, and dispute resolution procedures.

FAS (Free Alongside Ship) is an international trading term associated with the sale of goods. In this transaction, the seller is responsible for delivering the goods to a port of destination; the buyer is obligated to pay all expenses related to loading the goods onto a vessel designated and approved by the buyer. FAS defines […]

The Free Carrier (FCA) terms in procurement refer to the contractual agreement between a buyer and seller, which stipulates the point at which ownership of the goods transfers from the seller to the buyer. According to this agreement, the seller must arrange for the goods to be delivered and made available to the buyer at […]

FCL, or Full Container Load, is a term used in the procurement and transportation industry to refer to when goods are shipped in a dedicated container that is large enough to accommodate the entire shipment. This enables companies to minimize costs associated with shipping multiple packages, as well as the time spent dealing with handling […]

The Federal Employer Identification Number (FEIN) is a unique nine-digit number issued by the Internal Revenue Service (IRS) to identify businesses. It is used for tax identification purposes and is required on all government contract bids and procurement documents. In the procurement field, FEIN is essential for companies to be eligible to bid on Government […]

The Family Educational Rights and Privacy Act (FERPA) is a federal law that protects the privacy of student educational records. This law applies to any organization that receives funding from the U.S. Department of Education and provides a set of regulations for how student data should be stored, accessed, and used. In procurement, FERPA outlines […]

The Federal Highway Administration (FHWA) is the leading agency responsible for federal-aid highways, highway safety and motor carrier safety in the United States. It operates through a network of divisions and offices located across the country to provide technical assistance to states, build and maintain America’s essential roads and bridges, and help ensure safe and […]

FIFO (First In, First Out) is an ordering principle used for inventory and supply chain management. It states that the oldest items in stock should be sold or utilized first to ensure that they are not expired or out of date by the time they are sold/used. This method is often employed in purchasing processes […]

The Federal Identification Number (FIN) is a unique nine-digit number assigned to businesses in the United States for the purpose of conducting official business with federal agencies. It is used primarily as a way to identify and track vendors who provide services or products to government departments, so that the proper payment can be issued. […]

The Federal Information Security Management Act (FISMA) is a statutory framework established by the U.S. government to ensure the security of its related information systems. Under FISMA, federal agencies must create and maintain comprehensive information security plans that outline strategies for managing risks to data and ensuring compliance with applicable standards and regulations. In terms […]

Fast-moving consumer goods (FMCG) are products that have a rapid turnover, and relatively low cost. They are usually bought by consumers on an impulse basis, meaning that they are purchased in large quantities and disposed of quickly or consumed rapidly. Examples of FMCG include soft drinks, magazines, cigarettes, grocery items, cleaning products, and personal care […]

Original Equipment Manufacturer (OEM) is used in procurement to describe when a company produces parts or components for another company that will use the parts and components in finished products. OEM suppliers are responsible for designing, engineering, producing, and testing products to the specifications required by their customer. This type of partnership enables companies to […]

Operational Expenditure (OPEX) is defined in the context of business or procurement as the money spent on the day-to-day running and functioning of a company. This includes activities such as staff salaries, technology investments, operational costs related to goods/services, maintenance and rental costs, etc. OPEX is typically managed differently from Capital Expenditure (CAPEX), which are […]

FMP stands for Fair Market Price and is a key process in efficient procurement management. It refers to the price that a buyer would be willing to pay for goods or services when trading in an open market, with both parties being fully aware of the terms of the transaction. FMP is used to provide […]

FOB, or “Free On Board”, is a common term used in the context of procurement to define when the title and responsibility for goods transfers from the seller to the buyer. In an FOB agreement, once the goods have been loaded onto the designated vessel or delivery method selected by the buyer, the risk and […]

The Freedom of Information Act (FOIA) is a federal law that gives the public access to records and documents maintained by government agencies. FOIA applies to all federal agencies and is designed to promote transparency in government operations. Through FOIA, individuals or businesses are able to request records related to their procurement activities from applicable […]

The Final Procurement Record (FPR) is a comprehensive document, serving as the official record of a procurement process. It is used to identify and track all related activities and actions, including but not limited to costs, contracting methods used, timeline analysis, and evaluation criteria. It provides a detailed overview of the entire procurement process in […]

Full Time Equivalent (FTE) in procurement is a measure of the amount of work done by a single employee on a full-time basis. It is calculated by taking the total number of hours worked by an individual during a given period and dividing it by the number of hours needed to constitute one FTE. In […]

FTL, also referred to as Full Truck Load, is a standardized form of bulk freight shipment in which a single delivery vehicle (i.e. truck) carries one full load from one origin to one destination. This mode of transport is advantageous for businesses looking to reduce the costs associated with managing multiple individual shipments while minimizing […]

Fiscal Year End (FYE) refers to the date on which an organization’s financial year ends. Procurement processes often require organizations to track spending and other organizational activities at the end of their fiscal year. To ensure that all expenses are accounted for in a timely and accurate fashion, it is common practice to conduct a […]

Gross Domestic Product (GDP) is a measure of the economic output of a country or region. It is calculated by summing the market value of all goods and services produced within a specific period of time. In procurement, GDP is used as an indicator of economic growth, stability, and purchasing power, allowing decision-makers to develop […]

Greenhouse gases (GHGs) are gaseous compounds in the atmosphere that absorb and emit infrared radiation, which leads to the trapping of heat and contributes to climate change. As a result, global policies such as the Paris Agreement have highlighted the need for businesses to measure and reduce their GHG emissions in order to achieve net-zero […]

GR, or Goods Receipt, is the process of recognizing and confirming receipt of ordered products by a purchaser from a supplier. This process is essential in any procurement procedure, as it marks the end of the purchase order cycle and verifies to the purchasing department that goods have been received from suppliers in accordance with […]

The General Services Administration (GSA) is the federal agency responsible for providing centralized procurement, real estate, technology, and other support services to the government. It serves as the “broker of goods and services” between the private sector and government entities. Through its wide range of service offerings, GSA works to advance the mission of agencies […]

HAZCHEM (Hazardous Chemical Alert) is an official business definition used in procurement to alert businesses and stakeholders to dangerous chemicals. It is designed to protect personnel and the environment from hazardous materials by ensuring that buyers and suppliers understand the risks associated with their use, handling, transport and storage. HAZCHEM regulations also put strict requirements […]

HBITS is an abbreviation for Hourly Based Information Technology Services. It is a type of procurement system designed to provide companies with reliable and cost-effective access to a range of IT services such as software development, system implementation, network engineering, and computer support. Under this system, the supplier agrees to provide the customers with highly […]

HIPAA (Health Insurance Portability and Accountability Act) The Health Insurance Portability and Accountability Act (HIPAA) is a federal law designed to facilitate the portability, accessibility and security of health care data. It applies to any entity that processes or stores protected health information (PHI) and requires that all entities follow specific safeguards for how patient […]

HTML, or Hyper-text Markup Language, is a computer language used to create webpages and web applications. It consists of a set of tags, which are syntactically placed within text documents in order to define the structure and display of content. HTML is essential for creating interactive and dynamic web content and, when combined with other […]

HUB (Historically Underutilized Businesses) are businesses that have been traditionally underutilized in the government contracting process due to various factors, including but not limited to size, ownership structure, and socio-economic background. The official definition of an HUB is “a business, at least 51 percent of which is owned by one or more individuals who are […]

Invoice-to-Pay (I2P) is the process of receiving, verifying, and authorizing vendor invoices before they are paid. I2P forms the backbone of an effective procurement system because it streamlines the process of securing goods and services from vendors. It simplifies verification of invoices to ensure only accurate and valid payments are made in a timely manner, […]

IAA stands for Interagency Agreement and is a contractual agreement between two or more government agencies that allows them to share resources, services, and personnel. This type of agreement helps ensure seamless collaboration between multiple governmental organizations so they can work together on projects and initiatives with greater efficiency. Through an IAA, agencies are able […]

Infrastructure as a Service (IaaS) is a form of cloud computing that provides businesses with virtualized computing resources over the Internet. IaaS solutions enable companies to provision and scale computing infrastructure such as servers, storage, and networking components online instead of on-premises hardware. With IaaS, procurement teams have the ability to quickly acquire, configure, and […]

Information Advisory Services (IAS) provide an in-depth understanding of the procurement process with a key focus on data intelligence. IAS enables organizations to preempt challenges associated with procurement by making informed decisions and strengthening negotiating power. Experienced professionals specializing in data and analytics can craft tailored solutions that consider risk, compliance and ethics regulations when […]

The Institute of Chartered Accountants of Scotland (ICAS) is a world-leading professional body that sets the highest standards in financial reporting and auditing for businesses. With offices in more than 100 countries around the world, ICAS offers its members a range of services such as procurement advice, mentoring and training. ICAS is committed to helping […]

Indefinite Delivery/Indefinite Quantity (ID/IQ) is a contract type used in government procurement to purchase any combination of supplies, services, and construction over a predetermined period of time. Through an ID/IQ contract, buyers enter into an agreement with one or more suppliers that allows for the ordering of items within an established range of specific requirements […]

Integrated Enterprise Systems (IES) is a comprehensive, integrated procurement and supply chain management solution designed to streamline business processes. IES offers a full range of products and services that enable organizations to improve efficiency, reduce costs, and increase visibility into their supply chain operations. By utilizing IES technology, organizations can manage the entire life cycle […]

Invitation For Bid (IFB) is a type of procurement process used by businesses to help them select the right vendor for a particular project. In an IFB, businesses invite potential vendors to provide bids on proposed projects, detailing the terms, costs, and conditions under which they will accept the bid. The chosen bidder is given […]

The Industrial Funding Fee (IFF) is a procurement-related cost that aims to maintain industrial infrastructure and strengthen technology development. When companies are awarded government contracts, they are required to pay the IFF as compensation for the use of government resources. This fee helps cover the cost of research and development, as well as technical assistance […]

The Inspector General (IG) is an official within the procurement process responsible for overseeing the implementation of applicable laws and regulations. This includes monitoring expenditures, reviewing contract files, and ensuring that all procurements are conducted in accordance with recognized standards of financial integrity and efficiency. The IG is tasked with identifying areas of risk or […]

An intergovernmental agreement (IGA) is a contractual arrangement between two or more governmental entities that have the mutual goal of achieving a specific purpose, such as pooling resources or sharing services. By entering into an IGA, governments can better coordinate their activities and leverage their available resources while minimizing any potential duplication. Through this process […]

IIRC (International Integrated Reporting Council) The International Integrated Reporting Council (IIRC) is an independent, not-for-profit organisation that promotes international integrated reporting (IR). IR is a globally accepted framework for communicating the financial and non-financial performance of organisations to their stakeholders. IIRC’s goal is to promote greater integration and better decision making by helping businesses link […]

The International Maritime Organization (IMO) defines intermodal freight containers as “standardized reusable steel boxes, suitable for the transportation of goods by more than one mode of transport without intermediate reloading.” They are designed to be used across multiple modes of transport – land, sea and air – providing manufacturers, exporters and importers with greater flexibility […]

INCO is an acronym for International Commercial Terms, which define the standard terms and conditions of a contract between two parties involved in international trade. These include responsibilities and liabilities of each party, such as delivery dates, payment terms, insurance requirements, shipment methods, and more. INCO terms are a critical component of international trade and […]

INCOTERMS, or International Commercial Terms, are a set of pre-defined terms used in international trade agreements to define the respective obligations and responsibilities of buyers and sellers. These terms cover such issues as risk transfer, payment arrangements, transportation costs, and delivery times. By clearly specifying who is responsible for what aspects of an international business […]

Intellectual Property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; symbols, names and images used in commerce. IP is protected by law from unauthorized use by others and is one of the most valuable assets that a business can possess. In procurement, IP may include copyrights, patents, trademarks, […]

ISO (International Organization for Standardization or Independent System Operator) The International Organization for Standardization (ISO) is an international body that sets the standards and processes for the assurance of quality within different types of organizations. The ISO is responsible for defining standards as well as certifying organizations that meet its guidelines. In the context of […]

ISP (Internet Service Provider) Internet Service Providers (ISP) are businesses and organizations that provide customers with access to the internet. Through their services, ISPs facilitate the transmission of data between its source and destination points. ISP services can include connecting a customer’s local area network (LAN) to the larger public internet, hosting or managing websites, […]

Information technology (IT) is the use of any computer, network or software system in order to facilitate or automate the procurement process. IT can be used in all stages of procurement, from gathering and analyzing data that will inform decisions about potential suppliers to developing and managing contracts throughout their lifetime. By utilizing IT solutions […]

The Invitation To Bid (ITB) is the official document used in procurement that initiates a formal bidding process for goods and services. The ITB contains all necessary information including an overview of the products or services to be procured, the minimum requirements for the request, any special instructions or clauses that must be followed by […]

An Invitation To Negotiate (ITN) is a formal procurement process used by organizations to solicit bids and offers from potential vendors. This process often involves preparing documents such as contracts, terms of reference, specifications, and schedule of requirements. Through an ITN, an organization is able to identify and evaluate the best vendor for their needs, […]

ITO, or Invitation to Offer, is a strategic procurement practice through which suppliers are invited to respond to the demand of a buyer for specific goods and services. It’s a process that allows buyers to select the best supplier for their particular need from those who have submitted an offer to provide them with goods […]

An Invitation to Qualify (ITQ) is a procurement strategy utilized by organizations to identify potential vendors for goods and services. An ITQ is an open invitation inviting suppliers who meet established criteria to submit a detailed qualification statement. The purpose of this process is to allow the organization to assess the capabilities of prospective vendors […]

ITT, or Invitation to Tender (also known as Invitation to Treat), is a formal request for suppliers to submit their best offers on a particular procurement process. An ITT typically provides potential suppliers with detailed information about the purchase, including the requested product/service, the timeline of the procurement process, and any relevant criteria for evaluation. […]

ITY (In The Year) is a term used in procurement to signify the period of time over which goods, services, or both are procured. It refers to a specified calendar year and allows procurements made over that specific year to be identified when analyzing expenditure data. In general, procurements using the ITY method cover the […]