What is Third Party Risk Management? Definition
What is Third Party Risk Management? Definition First, let’s start with understanding what risk management is. Risk management is the process of identifying, assessing, and controlling risks. In other words, it’s a way to protect yourself and your business from potential liabilities. Now that we have a general understanding of risk management, let’s talk about third party risk management (TPRM). …
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What is a Third Party? Definition
What is a Third Party? Definition A third party is any person or entity that is not a party to a contract or agreement. The term is most commonly used in reference to business contracts, such as when two companies agree to work together on a project. A third party can also be an individual, such as when a person …
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What are Kpis? Definition
What are Kpis? Definition KPIs, or key performance indicators, are a type of metric used to measure and track progress towards specific business goals. They provide insight into whether or not a company is on track to meet its targets, and can be used to identify areas of improvement. There are many different types of KPIs, and the ones that …
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What is Committed Spend? Definition
What is Committed Spend? Definition Committed spend is the total amount of money that a company has pledged to spend on goods or services over a set period of time. This can be broken down into two categories: -Capital expenditure: This is money spent on long-term assets, such as buildings, vehicles, or machinery. -Operating expenditure: This is money spent on …
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What is Earn-Back? Definition
What is Earn-Back? Definition What is earn-back? In business, earn-back is defined as “the amount of money that must be earned in order to cover the initial investment in a project or venture.” For example, if a company spends $1 million on a new project, the earn-back period would be the length of time it takes to earn an additional …
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What is Due Diligence? Definition
What is Due Diligence? Definition What is due diligence? It’s a concept that is often used in business, but what does it actually mean? Due diligence is the process of investigating a potential investment or business opportunity. It’s important to do your due diligence before making any major decisions, as it can help you avoid potential risks and losses. There …
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What are Contracting Authorities? Definition
What are Contracting Authorities? Definition When it comes to government contracting, there are a lot of different terms and organizations that can be involved. One of the most important groups in the process is known as contracting authorities. But what exactly are they? In this blog post, we will explore the definition of contracting authorities and their role in government …
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What is Category Management? Definition
What is Category Management? Definition Category management is the process of managing a product category as a business unit. This includes understanding consumer needs and desires, analyzing category sales data, developing a category strategy, and executing that strategy to grow sales and profits. Category management is a key part of retailing, as it allows retailers to optimize their product mix …
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What is Invitation To Negotiate? Definition
What is Invitation To Negotiate? Definition You may have heard the term “Invitation To Negotiate” before, but what does it actually mean? In short, it is an invitation from one party to another to begin negotiations. This can be in regards to anything from a business deal to a contract. In this blog post, we will explore the definition of …
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What is Best Alternative To A Negotiated Agreement (Batna)? Definition
What is Best Alternative To A Negotiated Agreement (Batna)? Definition Have you ever been in a situation where you felt like you had no choice but to accept the terms being offered to you? This is a common feeling in many negotiation situations, but it doesn’t have to be this way. By understanding and utilizing your BATNA, you can have …
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What is Barter? Definition
What is Barter? Definition Barter is an economic system whereby goods or services are exchanged for other goods or services without the use of money. Barter is a direct exchange of goods or services—no money changes hands. In a barter transaction, each participant typically supplies what they have to offer and receives what they need in return. For example, if …
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What is Collusion? Definition
What is Collusion? Definition Collusion is defined as an illegal agreement between two or more people to restrain trade, fix prices, or limit supply. In other words, it’s an agreement to cheat customers, employees, or shareholders by working together instead of competing against each other. Collusion is often found in industries where there are only a few companies that offer …
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What is a Business Continuity Plan? Definition
What is a Business Continuity Plan? Definition A business continuity plan is a comprehensive document that outlines how a business will continue to operate during and after an interruption in service. The purpose of a business continuity plan is to keep the business running as smoothly as possible during and after an unexpected event. A business continuity plan should be …
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What is Supplier Relationship Management? Definition
What is Supplier Relationship Management? Definition Supplier relationship management (SRM) is a strategic process that enables organizations to manage their relationships with suppliers in a way that maximizes value and minimizes risk. In other words, SRM is all about creating and maintaining mutually beneficial relationships with suppliers. This includes everything from selecting the right suppliers to negotiating contracts and managing …
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What is Supplier Viability? Definition
What is Supplier Viability? Definition Supplier viability is the term used to describe the long-term sustainability of a company’s business model and its ability to maintain supplier relationships. In other words, it’s a measure of how likely it is that a company will be able to keep its doors open and continue doing business over the long haul. There are …
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What is a Consortium? Definition
What is a Consortium? Definition A consortium is a group of two or more individuals, companies, organizations or governments (or any combination of these entities) with the objective of participating in, or managing, a joint venture, project or enterprise. The term can also be used to describe an organization created to provide shared services or develop shared resources, such as …
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What is Supplies, Works & Services? Definition
What is Supplies, Works & Services? Definition In business, the term “supplies, works, and services” (SWS) is used to collectively refer to items or contracts that are necessary for the operation of a company. The term can apply to anything from office supplies to construction projects. In this article, we will provide a definition for the term SWS and explore …
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What is Supplier Segmentation? Definition
What is Supplier Segmentation? Definition Segmenting your suppliers is a key part of effective supply chain management. By identifying and classifying different types of suppliers, you can develop appropriate strategies for each and optimize your overall supply chain. But what exactly is supplier segmentation? In this blog post, we will explore the definition of supplier segmentation and its importance in …
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What is Supply Chain? Definition
What is Supply Chain? Definition Supply chain management (SCM) is the process of planning, implementing, and controlling the operations of the supply chain with the objective of satisfying customer requirements as efficiently and effectively as possible. In other words, it’s all about managing and streamlining the flow of goods and services from supplier to customer. This process includes everything from …
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What is Best Value? Definition
What is Best Value? Definition The term “best value” is often used in the business world, but what does it actually mean? In this blog post, we will explore the definition of best value and how it can be applied in different contexts. We will also look at some real-world examples to better understand this concept. What is value? Value, …
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What is Award Criteria? Definition
What is Award Criteria? Definition Award criteria are the standards by which an award is given. They are the guidelines that judge whether an application deserves an award, and if so, how much. The award criteria for a grant may be different from the award criteria for a scholarship, but both will have specific guidelines that must be met in …
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What is Source-To-Contract (S2C)? Definition
What is Source-To-Contract (S2C)? Definition Source-To-Contract, or S2C, is a business process that encompasses the entire lifecycle of a contract. It begins with the sourcing of goods or services and ends with the final contract between the buyer and supplier. In between, there are many steps and negotiation phases. S2C can be divided into three main stages: 1. The Request …
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What is a Sealed Offer? Definition
What is a Sealed Offer? Definition A sealed offer is a legal contract in which the terms are agreed to and signed by both parties, but the contract is not yet binding. Once the offer is accepted, it becomes a binding contract. A sealed offer can be used in many situations, but it is most commonly used in real estate …
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What is an Approval Workflow? Definition
What is an Approval Workflow? Definition An approval workflow is a process in which a document or request is passed through a series of steps before it is finally approved. Each step in the workflow is typically performed by a different individual or group, and each step must be completed before the next one can begin. The purpose of an …
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What is Artificial Intelligence (AI)? Definition
What is Artificial Intelligence (AI)? Definition Artificial intelligence is a process of programming a computer to make decisions for itself. This can be done through a number of methods, but the most common is through the use of algorithms. Algorithms are a set of rules that are followed in order to complete a task. They are what allow us to …
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What is an Approved Supplier? Definition
What is an Approved Supplier? Definition In business, the term “approved supplier” is used to refer to a supplier that has been vetted and pre-qualified by a company or organization. The approval process usually involve some form of due diligence, such as a review of the supplier’s financials, quality control procedures, and/or references. An approved supplier list (ASL) is a …
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What is Best Practice? Definition
What is Best Practice? Definition Best practice is defined as doing something the way it is supposed to be done. It is based on the knowledge and experience of those who have gone before us. In order to achieve best practice, we must constantly strive to learn and improve. We must also be willing to share our knowledge so that …
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What is Direct Spend? Definition
What is Direct Spend? Definition Direct spend is a term used in supply chain management that refers to the total amount of money that a company spends on goods and services that are directly related to its production process. This includes raw materials, components, and labor. In other words, direct spend is the money that a company spends on the …
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What is an Expression Of Interest? Definition
What is an Expression Of Interest? Definition Are you interested in applying for a job, but not sure how to get started? An Expression of Interest (EOI) may be just what you need. An EOI is a short document that shows your intent to apply for a particular job or project. It’s usually one page long, and includes your contact …
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What is a Key Performance Indicator? Definition
What is a Key Performance Indicator? Definition A key performance indicator (KPI) is a metric used to evaluate an organization, business unit, or individual’s performance. A KPI measures progress and success in relation to stated objectives. There are many different types of KPIs, and each organization will have different KPIs based on their specific goals and objectives. However, all KPIs …
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What is a Key Supplier? Definition
What is a Key Supplier? Definition In business, the term “key supplier” is used to describe a company that provides an essential product or service to another company. A key supplier is typically a strategic partner that is essential to the success of the business. A key supplier may be a producer of raw materials, a manufacturer of finished products, …
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What is Competitive Procedure With Negotiation? Definition
What is Competitive Procedure With Negotiation? Definition Competitive procedure with negotiation is a type of public procurement procedure, under EU law, whereby the contracting authority (CA) conducts a negotiated procedure after having conducted a competition among potential contractors. The main difference between this procedure and the other types of procedures is that, after the competition has been conducted, the CA …
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What is a Request For Quote (RFQ)? Definition
What is a Request For Quote (RFQ)? Definition In business, the request for quote, or RFQ process, is when a company solicits bids from vendors for a product or service. The RFQ usually follows an RFP (request for proposal), in which the company has already determined its needs and is now looking for the best possible price. RFQs are commonly …
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What is Machine Learning (ML)? Definition
What is Machine Learning (ML)? Definition Machine learning is a subset of artificial intelligence (AI) that provides computers with the ability to learn and improve from experience without being explicitly programmed to do so. The term “machine learning” was coined in 1959 by Arthur Samuel, an American computer scientist who pioneered the field of AI. Machine learning algorithms build models …
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What is a Request For Proposal (RFP)? Definition
What is a Request For Proposal (RFP)? Definition A request for proposal, or RFP, is a document that solicitations from suppliers in order to obtain pricing and other important information about products or services. The RFP process is used by businesses in many industries, including advertising, architecture, construction, and information technology. In order to create an effective RFP, businesses must …
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What is a Purchase Order Form? Definition
What is a Purchase Order Form? Definition A purchase order is a request that initiates the buying process of goods or services. It’s a formalized request that includes all the important details of the transaction, such as what’s being bought, how much it costs, and when delivery is expected. A purchase order form is the document that outlines all these …
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What is Selection Criteria in Procurement? Definition
What is Selection Criteria in Procurement? Definition The world of procurement is filled with jargon and technical terms that can be difficult to understand. In this blog post, we will demystify one of these terms: selection criteria. In the most basic sense, selection criteria are the guidelines that a procurement team uses to choose between different suppliers. But there is …
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What is RFx? Definition
What is RFx? Definition RFx stands for Request for (anything). It’s a generic term used in procurement for the process of inviting suppliers to submit a proposal or quotation for the supply of goods or services. The RFx process is used to help organizations select the best supplier to meet their requirements. It can be used for both simple and …
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What is Supplier Benchmarking? Definition
What is Supplier Benchmarking? Definition Supplier benchmarking is the process of comparing a company’s performance against other companies in the same industry or market. The aim is to identify areas where the company can improve its performance and become more competitive. This process can be applied to any area of a company’s operations, from manufacturing to customer service. It is …
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What is Stakeholder Engagement? Definition
What is Stakeholder Engagement? Definition What is stakeholder engagement? It’s a term that you might have heard thrown around but what does it actually mean? In business, a stakeholder is anyone who has an interest in the company or who can be affected by the company’s actions. This includes but is not limited to shareholders, employees, customers, suppliers, and the …
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What is Supplier Importance? Definition
What is Supplier Importance? Definition In business, the term “supplier” is used to describe a company or individual that provides goods or services to another company. A supplier can be an important part of a company’s operations, and the relationship between a company and its suppliers can have a significant impact on the company’s bottom line. In this article, we …
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What is Supplier Performance Management? Definition
What is Supplier Performance Management? Definition Supplier performance management (SPM) is the process of assessing, measuring, and improving supplier performance. The goal of SPM is to ensure that suppliers are meeting all requirements and expectations in terms of quality, cost, delivery, and service. There are many different methods for assessing supplier performance, but the most important factor is setting clear …
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What is Supplier Performance? Definition
What is Supplier Performance? Definition Supplier performance is a measure of how well a supplier meets the requirements specified in the contract. The requirements can be quality, delivery, cost, or other measures. A supplier’s performance is important to the customer because it can affect the quality of the product, the price, and the delivery time. It is also important to …
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What is Benchmarking? Definition
What is Benchmarking? Definition Have you ever wondered what goes into the design of a product? How do companies know if their products are meeting customer expectations? The answer is quality benchmarking. Quality benchmarking is the process of comparing your product’s performance against similar products in the market. The goal is to identify areas where your product can improve and …
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What is a Request for Information (RFI)? Definition
What is a Request for Information (RFI)? Definition A request for information (RFI) is a type of procurement process in which a company or individual solicits information from potential suppliers about certain products or services. This process is often used when a company is seeking bids for a project or contract and wants to learn more about what potential vendors …
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What is a Supplier? Definition
What is a Supplier? Definition In business, the term “supplier” is used a variety of ways. Sometimes it’s used to describe the company that provides the raw materials for your product. Other times, it’s used interchangeably with “vendor,” meaning the company you buy finished goods from. In this article, we will explore the different types of suppliers and how they …
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What is Total Quality Management (TQM)? Definition
What is Total Quality Management (TQM)? Definition Total Quality Management, or TQM, is an approach to management that seeks to integrate all aspects of an organization in order to improve quality and performance. The essential idea behind TQM is that quality is everyone’s responsibility and that all employees need to be involved in the quest for excellence. In a TQM …
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What is Vendor Onboarding? Definition
What is Vendor Onboarding? Definition Introduction Vendor onboarding is the process of onboarding new vendors and suppliers to your company. This process can be time-consuming and complicated, but it’s essential to ensure that your new vendor partners are a good fit for your business. There are a few key steps in vendor onboarding, including: 1. Defining your company’s needs and …
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What is a Supplier Portal? Definition
What is a Supplier Portal? Definition A supplier portal is an online system that connects suppliers with buyers. It allows suppliers to list their products and services, and buyers to browse and compare different suppliers. A supplier portal can also provide other features and tools, such as a request for proposal (RFP) system, contract management, and payments. What is a …
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What is Vendor Lifecycle Management? Definition
What is Vendor Lifecycle Management? Definition Many organizations struggle to manage their vendor relationships effectively. In fact, according to a study by Forrester, “63% of enterprises struggle to keep track of which vendors they use and only 26% have a centralized view of all vendor contracts.” Vendor lifecycle management (VLM) is a process for assessing, onboarding, and monitoring vendors throughout …
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What is Value For Money? Definition
What is Value For Money? Definition The phrase ‘value for money’ is one that is used often, but what does it actually mean? In this blog post, we will explore the definition of value for money and how it can be applied in different scenarios. We will also look at some examples of how value for money can be achieved. …
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What is a Vendor Portal? Definition
What is a Vendor Portal? Definition In the business world, a vendor portal is a website or web application that allows vendors to securely access information and conduct transactions with an organization. The term “vendor” can refer to suppliers, contractors, or any other type of business partner. A vendor portal is typically used to streamline interactions between an organization and …
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What is a Vendor Performance Scorecard? Definition
What is a Vendor Performance Scorecard? Definition A vendor performance scorecard is a tool used to compare and contrast the relative performance of different vendors. The scorecard can be used to track any number of performance indicators, from customer satisfaction to on-time delivery. The benefits of using a vendor performance scorecard are many: by taking an objective look at vendor …
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What is a Vendor? Definition
What is a Vendor? Definition A vendor, also known as a supplier, is a person or company that provides goods or services to another person or company. The term can be used in a number of different ways, but most commonly it refers to someone who provides raw materials, components, or finished products to manufacturers, retailers, or other businesses. In …
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What is Post Tender Negotiation (PTN)? Definition
What is Post Tender Negotiation (PTN)? Definition Post Tender Negotiation (PTN) is the process of negotiating with suppliers after the completion of a tender process. It is a way to get the best possible terms and conditions for your company, and can be used for both commercial and non-commercial contracts. PTN can be used to negotiate on price, delivery terms, …
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What is Spend Analysis? Definition
What is Spend Analysis? Definition Spend analysis is the process of collecting and analyzing data about an organization’s spending patterns. The goal of spend analysis is to understand how an organization is spending its money and to identify areas where savings can be achieved. Spend analysis can be performed at different levels, such as departmental, functional, or organizational. It can …
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What is an Audit Trail? Definition
What is an Audit Trail? Definition An audit trail is an electronic or paper trail that documents the history of transactions or changes to data. It shows who made a change, when they made it, and what they changed. An audit trail is essential for businesses to keep track of their data and to ensure the accuracy of their records. …
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What is an Acquisition? Definition
What is an Acquisition? Definition An acquisition is the process by which a company buys another company. This can be done through a variety of means, but the most common is for the acquirer to purchase the target company’s stock. The acquirer then becomes the owner of the target company and is able to control its operations. There are many …
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What is an Acceptance Letter? Definition
What is an Acceptance Letter? Definition An acceptance letter is a document that an individual or organization sends to officially accept an offer or request. It is usually sent in response to a job offer, admission to a school, or invitation to an event. The letter should be short and to the point, and it should include all of the …
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What is Data Integrity? Definition
What is Data Integrity? Definition Data integrity is the assurance that digital information is safe, accurate, and consistent. Data integrity is important because it helps to ensure the accuracy of information and the security of data. There are a number of factors that contribute to data integrity, including data quality, data security, and data governance. Data quality assurance (DQA) is …
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What is Best And Final Offer (Bafo)? Definition
What is Best And Final Offer (Bafo)? Definition A best and final offer (BAFO) is a type of offer that is made by a company to another company during the process of negotiation, usually near the end of the negotiation. The purpose of a BAFO is to provide the other company with the company’s “best” offer, which is usually its …
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What are Exclusion Grounds in a Contract? Definition
What are Exclusion Grounds in a Contract? Definition In a contract, an exclusion ground is defined as “a reason why a particular person or organization is not allowed to take part in an activity.” In other words, it’s a way to limit or restrict someone’s participation in something. There are many different types of exclusion grounds that can be included …
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What is a Call Off Contract? Definition
What is a Call Off Contract? Definition A call off contract is an agreement between a buyer and seller that establishes the framework for future purchases of goods or services. The key element of a call off contract is that it allows the buyer to place orders for goods or services as needed, without having to go through a formal …
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What are Invoice Payment Terms? Definition
What are Invoice Payment Terms? Definition In business, the term “invoice payment terms” refers to the conditions under which a customer agrees to pay for goods or services. Payment terms can be found in the invoice and are usually negotiable between the buyer and seller. There are many different types of payment terms, but some of the most common are …
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What is Liquidated And Ascertained Damages? Definition
What is Liquidated And Ascertained Damages? Definition When you sign a contract, you are agreeing to certain terms and conditions. Part of these terms may include provisions for liquidated and ascertained damages. But what exactly does this mean? In this blog post, we will explore the definition of liquidated and ascertained damages. We will also discuss how these damages are …
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What is a Contract Guarantee? Definition
What is a Contract Guarantee? Definition For businesses, a contract guarantee is an essential tool that financially protects them against losses that could occur due to contractual breaches. In other words, it’s a type of insurance for businesses. A contract guarantee can be issued by a bank, an insurance company, or another financial institution. It guarantees that the full value …
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What is a Long Term Agreement? Definition
What is a Long Term Agreement? Definition A long term agreement is an agreement between two parties that lasts for an extended period of time. This type of agreement is often used in business relationships, such as when a company contracts with another company for services. The terms of a long-term agreement can vary depending on the needs of the …
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What does Negotiated Procedure Mean In Contract Management? Definition
What does Negotiated Procedure Mean In Contract Management? Definition In contract management, the term “negotiated procedure” is used when the contracting authority (CA) and the contractor agree to terms for a variation or change to an existing contract. This could be for any number of reasons, but is typically done to save time or money. The negotiated procedure can be …
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What is Negotiated Procedure Without Prior Publication? Definition
What is Negotiated Procedure Without Prior Publication? Definition Negotiated procedure without prior publication is a type of public procurement procedure where the contracting authority negotiates the terms of the contract with a single supplier. This type of procedure is used when there is only one supplier that can provide the goods or services required, and it is not possible to …
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What is OCR? Definition
What is OCR? Definition Optical character recognition (OCR) is a process of converting images of text into machine-readable text. It’s used to digitize printed documents, such as scanned papers and PDFs. OCR can be used to automate data entry or convert images of text into searchable text. What is OCR? Optical character recognition (OCR) is a technology used to convert …
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What is an Open-Book Contract? Definition
What is an Open-Book Contract? Definition If you’re new to the world of project management, you may be wondering what an open-book contract is. An open-book contract is a type of agreement between a client and contractor that allows for greater transparency and collaboration between both parties. This type of contract can be beneficial for both the client and contractor, …
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What is an Operational Level Agreement? Definition
What is an Operational Level Agreement? Definition Have you ever wondered what goes into running a website? How about a large company website that needs to be available 24/7? Or an e-commerce site that needs to be able to handle spikes in traffic? These are just some of the questions that an operational level agreement (OLA) can help answer. An …
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What is a Parent Company Guarantee? Definition
What is a Parent Company Guarantee? Definition A parent company guarantee (PCG) is a type of financial guarantee that is given by a parent company to its subsidiary. The PCG ensures that the subsidiary will be able to meet its financial obligations in the event that it is unable to do so itself. While the PCG does not guarantee that …
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What is a Partnering Contract? Definition
What is a Partnering Contract? Definition In business, a partnering contract is an agreement between two or more parties to work together. The agreement can be for mutual benefit or for a specific project. It can be a formal or an informal agreement. Formal partnering contracts are usually used when the relationship is long-term and there is a great deal …
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What is Public Contracts Scotland (PCS)? Definition
What is Public Contracts Scotland (PCS)? Definition Public Contracts Scotland (PCS) is a Scottish Government agency that promotes the use of e-procurement in public sector organisations. It was established in 2008 as part of the Scottish Government’s Modernising Government programme. E-procurement is the use of technology to streamline the purchasing process, from initial purchase requisition through to supplier invoice payment. …
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What is Payment Management? Definition
What is Payment Management? Definition Payment management is the process of handling payments and invoices between a company and its vendors or customers. The goal of payment management is to ensure that all payments are processed accurately and on time. Payment management can be a complex process, especially for businesses that have numerous vendors or customers. To streamline payment management, …
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What is a Reserved Contract? Definition
What is a Reserved Contract? Definition A reserved contract is an agreement between a company and an individual in which the company promises to provide a certain amount of work to the individual over a specified period of time. The individual, in turn, agrees to work only for the company during that time. Reserved contracts are most common in fields …
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What is Terms Of Reference? Definition
What is Terms Of Reference? Definition What is Terms Of Reference? In business, this refers to the agreed upon statement that outlines the specific deliverables and work required from a contractor or supplier. A Terms of Reference document is usually generated during the Request for Proposal (RFP) process. It’s important to have a clear understanding of the scope of work …
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What are Incoterms? Definition
What are Incoterms? Definition International commercial terms, or Incoterms for short, are a set of rules published by the International Chamber of Commerce (ICC) that define the responsibilities of buyers and sellers in international trade. They were first established in 1936 and revised in 1953, 1990, and most recently in 2010. There are 11 Incoterms in total, which we will …
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What Are TUPE Regulations? Definition
What Are TUPE Regulations? Definition TUPE stands for the Transfer of Undertakings (Protection of Employment) Regulations. In the United Kingdom, TUPE is a set of regulations that protect employees’ rights when their place of work changes hands. The regulations apply to both commercial entities and public sector organizations. They cover situations such as the sale of a business, the merger …
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What is Under OJEU? Definition
What is Under OJEU? Definition The term “OJEU” can be quite confusing, especially if you’re not familiar with the EU tendering process. In this blog post, we will explore what OJEU is and how it affects your business. OJEU stands for “Official Journal of the European Union”. It’s a tendering process that businesses must go through when they want to …
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What is Total Cost of Ownership (TCO)? Definition
What is Total Cost of Ownership (TCO)? Definition Total Cost of Ownership, or TCO, is a financial metric that businesses use to assess the direct and indirect costs associated with owning and operating a certain asset over its lifetime. In other words, TCO takes into account all of the costs that go into using and maintaining an asset, not just …
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What is Statutory Guidance in Procurement? Definition
What is Statutory Guidance in Procurement? Definition Statutory guidance is a set of rules or regulations that must be followed by businesses or individuals when carrying out a particular activity. In the procurement process, statutory guidance refers to the regulations that govern how public funds can be spent on goods, services, and works. There are a number of different pieces …
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What is Standstill Period in Contract Management? Definition
What is Standstill Period in Contract Management? Definition So, you’re in the business of contracting. You’ve done your due diligence and found a client that you think is a perfect match for your company. You’ve negotiated the terms of the contract and everyone has signed on the dotted line. You think you’re ready to move forward but then you hit …
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What is a Stakeholder? Definition
What is a Stakeholder? Definition In business, the term “stakeholder” gets thrown around a lot. But what exactly is a stakeholder? A stakeholder is anyone with a “vested interest” in the outcome of a project or business venture. In other words, they are individuals or groups who will be affected by the decisions made during the course of the project. …
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What is Standardization in Procurement? Definition
What is Standardization in Procurement? Definition If you’re involved in procurement, you’ve likely heard of standardization. But what is it, really? In this blog post, we’ll explore the concept of standardization in procurement and its benefits. In short, standardization in procurement is the process of creating standards for the products and services that are procured. This can include anything from …
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What is a Solicitation Document? Definition
What is a Solicitation Document? Definition When you’re in the process of starting a business, there are a lot of documents you need to be familiar with. One of these is the solicitation document. A solicitation document is a type of document that businesses use to request goods or services from suppliers. It usually includes information about what the business …
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What is a Single Procurement Document? Definition
What is a Single Procurement Document? Definition In business, the term “procurement” refers to the process of acquiring goods or services. A procurement document is a record of this process. There are many different types of procurement documents, but they all serve the same purpose: to provide a clear and concise record of what was purchased, when it was purchased, …
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What is a Whole Agreement? Definition
What is a Whole Agreement? Definition A whole agreement is a contract between two parties that encompasses all aspects of their relationship. This type of agreement is also known as an integrated agreement or an entire agreement clause. The purpose of a whole agreement is to prevent one party from relying on unspoken or unwritten terms when interpreting the contract. …
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What are Warranties in Contract Management? Definition
What are Warranties in Contract Management? Definition Warranties are a type of agreement often found in business contracts that promises a certain level of quality for products or services. In other words, it’s a guarantee from one party to another. While the specifics of each warranty will differ depending on the industry and situation, they all exist to help protect …
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What is a Waiver? Definition
What is a Waiver? Definition A waiver is a legal document that states that you waive your right to take legal action against someone else. The document typically lists the name of the person or entity that you are waiving your rights against, as well as what rights you are giving up. For example, if you sign a waiver before …
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What is a Wet Signature? Definition
What is a Wet Signature? Definition A wet signature is an original signature made with a pen and ink on paper. The term “wet” refers to the fact that the ink is still wet when the signature is made. Wet signatures are the most common type of signatures and are generally considered to be more binding than digital signatures. This …
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What is a Void Contract? Definition
What is a Void Contract? Definition A void contract is a formal agreement that is not legally binding. This means that neither party can sue the other for breaching the contract. Contracts can be voided for various reasons, such as if they are based on illegal activities or if one party was forced into signing the agreement. While void contracts …
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What is a Verbal Agreement? Definition
What is a Verbal Agreement? Definition A verbal agreement is an agreement made between two or more people without any written contract or formalities. It is based on the good faith of all parties involved and is enforceable in a court of law. However, there are certain types of agreements that are not legally binding as a verbal agreement. For …
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What is an Unmanaged Contract? Definition
What is an Unmanaged Contract? Definition An unmanaged contract is a contract that is not monitored or reviewed by a third party. This type of contract is often used in business-to-business transactions, as well as between individuals. Unmanaged contracts can be beneficial because they are often less expensive and quicker to establish than managed contracts. However, unmanaged contracts can also …
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What are Unintended Consequences? Definition
What are Unintended Consequences? Definition We’ve all heard the phrase “unintended consequences,” but what does it actually mean? In short, unintended consequences are the unforeseen and often undesirable results of an action or decision. These can be positive or negative, and they can occur in any number of areas, from personal decisions to public policy. While unintended consequences are often …
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What is Terminate For Convenience? Definition
What is Terminate For Convenience? Definition In business, the phrase “terminate for convenience” is often used to describe a situation where one party to a contract ends the agreement prematurely, without any specific breach of contract by the other party. This can be contrasted with a “termination for cause”, which occurs when there is some specific contractual violation that justifies …
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What are Unilateral Contracts? Definition
What are Unilateral Contracts? Definition Unilateral contracts are those in which only one party to the contract is bound to perform. In return for this performance, the other party promises something of value. The most common type of unilateral contract is a reward offered for finding a lost item. Other examples of unilateral contracts include employment agreements, life insurance policies, …
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What is Terminate For Cause? Definition
What is Terminate For Cause? Definition In business, the term “terminate for cause” is used to describe a situation in which an employee is terminated due to their misconduct or poor performance. In other words, they are fired for a specific reason. While this may seem like a straightforward concept, there are actually a lot of nuances to it. For …
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