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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” […]

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. […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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. […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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. […]

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 […]

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 […]

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 […]