What is Bid Security (Bid Bond)? Definition Bid bonds are a type of insurance that contractors purchase to protect themselves in the event that they are unable to fulfill the terms of their bid. If a contractor is unable to complete the project or meet the requirements of their bid, the bond will cover […]
What is Blanket Purchase Order? Definition
What is Blanket Purchase Order? Definition Have you ever heard of a Blanket Purchase Order? If not, don’t worry – you’re not alone. In this post, we’ll explore what a Blanket Purchase Order is and how it can be used in business. A Blanket Purchase Order (BPO) is an agreement between a buyer and […]
What is BME a Business? Definition
What is a BME Business? Definition You’ve likely heard the term “BME business” before, but what does it mean? BME stands for “black, minority, and ethnic.” The term is used to describe businesses that are owned or operated by people who are not white. In the United Kingdom, the term is also used to […]
What is Bottleneck Item? Definition
What is Bottleneck Item? Definition A bottleneck item is a product or service whose production or delivery capacity is lower than the demand placed on it. In other words, it’s something that’s holding back your business from achieving its full potential. There are a few different ways to identify bottleneck items in your business. The […]