How To Make A Contract Legal When it comes to business, a contract is an essential component for success. But what makes a contract legal? A contract is essentially an agreement between two parties that outlines the terms of their relationship. It’s important to understand the legalities behind contracts in order to ensure that your […]
Can You Legally Break A Contract
Can You Legally Break A Contract A contract is a legally binding agreement between two parties. It can be written or verbal and is used to ensure that both parties will fulfill their end of the deal. But what happens if one or both parties decide they don’t want to honor the terms of the […]
Is A Handshake A Legal Contract
Is A Handshake A Legal Contract It has long been said that a handshake can replace a legal contract, but is this really the case? When it comes to making agreements, there are pros and cons to both formal contracts and handshakes. This article will explore the legal implications of a handshake as well as […]
Is A Text Message A Legally Binding Contract
Is A Text Message A Legally Binding Contract In today’s digital age, communication often happens through text messages. But is a text message enough to create a legally binding contract? Can someone be held accountable if they send an agreement through text? The answer has become increasingly complex. Text messages can provide evidence of an […]
Is Email Contract Legally Binding
Is Email Contract Legally Binding For any business relationship, signing and exchanging contracts is necessary to protect both parties involved. But what happens when emails are used as the contract? Is an email legally binding? The answer is not as straightforward as you may think. It’s important to understand the legal implications of using emails […]
Is A Contract Signed By A Minor Legally Binding
Is A Contract Signed By A Minor Legally Binding Have you ever wondered if a contract signed by a minor is legally binding? It’s a valid question, especially given the strict regulations surrounding contracts and the laws in place to protect minors from exploitation. The answer is complicated and varies depending on the situation. In […]
What Elements Are Required For A Legally Valid Contract
What Elements Are Required For A Legally Valid Contract Have you ever wondered what it takes to create a legally valid contract? The legal process of creating, carrying out, and enforcing contracts is complex. It requires a wide range of considerations and can be confusing if you’re unfamiliar with the terminology and procedures. Fortunately, understanding […]
What Is A Wet Signature?
What Is A Wet Signature? In this digital age, wet signatures are becoming a thing of the past. But what exactly are they, and why are they still important today? In this article, we’ll discuss the concept of a wet signature—what it is, why it matters, and how to use it in your business or […]
Are Employment Contracts Legally Binding
Are Employment Contracts Legally Binding Do you know your rights when it comes to employment contracts? Are employment contracts legally binding? It’s important to know the answer to these questions before signing any contract with an employer. Employment contracts are an important part of the modern workplace because they outline the terms and conditions of […]
Whats The Difference Between Attorney And Lawyer?
Whats The Difference Between Attorney And Lawyer? The words “attorney” and “lawyer” are often used interchangeably, but there is actually a difference between the two. While they both provide legal counsel, they have different roles and responsibilities. If you’re considering hiring a professional in either field, it’s important to understand the differences between an attorney […]
How To Get Out Of A Legally Binding Contract
How To Get Out Of A Legally Binding Contract Legally binding contracts are an integral part of our lives. From buying a car to renting an apartment, almost everything we do involves signing a contract. But what if you need to get out of one? Whether it’s because the other party isn’t holding up their […]
Are Smart Contracts Legally Binding
Are Smart Contracts Legally Binding Smart contracts have quickly become a hot topic in the world of business, but are they legally binding? This is a complex question and one that requires an understanding of the legal landscape as well as the technology behind smart contracts. In this blog post, we’ll explore what exactly constitutes […]
What Is An Attorney?
What Is An Attorney? Whether you’re researching for a school project, trying to figure out if you need a lawyer, or just curious about the legal profession, you may have asked yourself: “What is an attorney?” Attorneys are highly trained and specialized professionals who provide legal advice and representation on behalf of their clients. They […]
What Is The Difference Between A Lawyer And An Attorney?
What Is The Difference Between A Lawyer And An Attorney? Many people use the terms ‘lawyer’ and ‘attorney’ interchangeably, but there is a distinct difference between those two professions. While both lawyers and attorneys are qualified to practice law in the United States, they follow different paths in their education and training. This article will […]
What Is Consideration In A Contract?
What Is Consideration In A Contract? Contracts can be a complicated topic to understand and many people are unaware of the legalities involved in making and signing a contract. One of the most important aspects of a legally binding contract is consideration. But what is it? In this blog post, we will explain what consideration […]
What’s The Difference Between A Lawyer And An Attorney?
What’s The Difference Between A Lawyer And An Attorney? It’s a common question that often leaves people scratching their heads. What’s the difference between a lawyer and an attorney? Are they two names for the same role, or is there a deeper distinction between them? In this blog post, we will explore the differences between […]
What Is A Unilateral Contract?
What Is A Unilateral Contract? Have you ever encountered the term ‘unilateral contract’ and wondered what it stands for? A unilateral contract is an agreement between two parties, where one party makes an offer and the other party can either accept or reject the offer. It is a legally binding agreement, which means that any […]
How To Make A Legal Contract
How To Make A Legal Contract Contracts are essential when it comes to doing business, and they should be taken seriously. A legal contract is a written agreement between two or more parties that is intended to be legally enforceable. It outlines the specific terms each party must follow, as well as any potential penalties […]
What is a Dutch E-auction? Definition
What is a Dutch E-auction? Definition A Dutch auction, also known as an open ascending price auction, is a type of auction in which the initial price is set by the seller and then decreases until a buyer is found. The name “Dutch” auction comes from the fact that this type of auction was first […]
What is an Invitation To Tender? Definition
What is an Invitation To Tender? Definition An Invitation To Tender (ITT) is a formal invitation issued by a company to potential suppliers to request the submission of a proposal for the supply of goods or services. The ITT sets out the company’s requirements and evaluation criteria that will be used to select the winning […]
What is Global Sourcing? Definition
What is Global Sourcing? Definition Global sourcing is the procurement of goods and services from suppliers in multiple countries. It’s a type of sourcing that has become increasingly popular among businesses in recent years as a way to optimize costs and access new markets. The global sourcing definition can be broken down into three main […]
What is an Invitation To Bid? Definition
What is an Invitation To Bid? Definition If you’re in the construction industry, it’s likely that you’ve come across the term “invitation to bid” or “ITB.” But what exactly is an ITB? In short, an invitation to bid is a formal document that a construction company issues to potential contractors that they are considering for […]
What is a Japanese Auction? Definition
What is a Japanese Auction? Definition You may have heard of Japanese auctions before, but what are they exactly? In short, a Japanese auction is an auction where the items for sale are not known in advance. This type of auction is also known as a reverse auction, blind auction, or sealed-bid auction. So, how […]
What is Offer, Tender, Submission? Definition
What is Offer, Tender, Submission? Definition When it comes to business, the term “offer, tender, submission” (OTS) is used a great deal. But what does it actually mean? An offer, tender or submission is a formal document that outlines an organization’s proposal for a project or contract. It includes detailed information about the company’s capabilities, […]
What is Open Tendering? Definition
What is Open Tendering? Definition Open tendering is the process of inviting bids for a project or goods/services in an open and transparent manner. The details of the project or requirement are publicly advertised, and any entity meeting the required qualifications can submit a bid. The open tendering process is designed to promote competition and […]
What is a Request For Information? Definition
What is a Request For Information? Definition A Request for Information (RFI) is a type of document used in business that allows potential vendors to submit information about their products or services in order to be considered for a project or contract. An RFI can also be issued by a company internally in order to […]
What is a Request For Proposal? Definition
What is a Request For Proposal? Definition A request for proposal, or RFP, is a document that businesses use to solicit proposals from potential vendors. The RFP outlines the requirements for the project and provides background information on the business. The RFP process can be used for a variety of projects, including but not limited […]
What is a Request For Quotation (RFQ)? Definition
What is a Request For Quotation (RFQ)? Definition A request for quotation, also known as an RFQ, is a type of invitation to bid that is commonly used in the procurement process. It is a document that is sent out to potential suppliers, asking them to provide a quote for the goods or services that […]
What is Accounts Payable Automation? Definition
What is Accounts Payable Automation? Definition Accounts payable automation is the use of technology to streamline the process of paying invoices. With accounts payable automation, businesses can save time and money by automating repetitive and manual tasks related to invoice processing. Accounts payable automation can be used to schedule and make payments, track spending, and […]
What is Accounts Payable? Definition
What is Accounts Payable? Definition Accounts payable is a broad term that refers to the money a company owes to its creditors. This can include suppliers, lenders, utilities, and other businesses. Accounts payable is considered a current liability on a company’s balance sheet. An account payable is created when a company purchases goods or services […]
What is an Appraisal? Definition
What is an Appraisal? Definition An appraisal is a professional opinion of value. Appraisals are most commonly associated with real estate, art, and antique furniture. However, an appraisal can be performed on any item that has value. The purpose of an appraisal is to provide a value for an item that can be used for […]
What is Best-Of-Breed in Business? Definition
What is Best-Of-Breed in Business? Definition The term “best-of-breed” gets thrown around a lot in business. But what does it actually mean? In short, best-of-breed refers to a company or product that is the best in its category. This can be determined by a number of factors, including but not limited to: * Innovation * […]
What is an Approved List in Supplier Management? Definition
What is an Approved List in Supplier Management? Definition A supplier approved list (SAL) is a list of vendors or suppliers that have been vetted and approved by a company to provide goods or services. The approval process can vary from organization to organization, but typically includes a review of the supplier’s financial stability, quality […]
What is a Blanket Order? Definition
What is a Blanket Order? Definition A blanket order is a standing purchase order with a supplier for a predetermined quantity of goods over a period of time. A key difference between a blanket order and a regular purchase order is that the buyer pays for goods only as they are received, rather than in […]
What is Business Process Outsourcing? Definition
What is Business Process Outsourcing? Definition Business process outsourcing (BPO) is the contracting of non-primary business activities and functions to a third-party service provider. BPO services include payroll, human resources, accounting, customer/call center relations and services, marketing campaigns, IT services, and financial processing. BPO is commonly referred to as “outsourcing,” but there is a big […]
What is BME Business? Definition
What is BME Business? Definition BME business refers to black and minority ethnic businesses. These businesses are defined as those that are owned and operated by people from black and minority ethnic backgrounds. The term “BME business” is relatively new, only coming into use in the last few years. However, the concept of black and […]
What is Certificate Of Origin (Coo)? Definition
What is Certificate Of Origin (Coo)? Definition Introduction A Certificate of Origin is a document that is used in international trade. It is a formal statement that certifies that the goods in a particular shipment originated from a certain country. The Certificate of Origin is issued by the Chamber of Commerce in the exporter’s country. […]
What is Compliance In Procurement? Definition
What is Compliance In Procurement? Definition In the business world, the term “compliance” is used a great deal. But what does it actually mean? In short, compliance in procurement refers to the process of adhering to all relevant laws, regulations, and standards when procuring goods and services. This includes everything from ensuring that suppliers are […]
What is Collaboration? Definition
What is Collaboration? Definition Collaboration is a process where two or more people work together to complete a task or achieve a goal. It is often thought of as working together, but it can also be achieved by working separately on different aspects of the same project. Collaboration can be between individuals, teams, or organizations […]
What is a Contractor? Definition
What is a Contractor? Definition A contractor is a professional who provides services to businesses or individuals. They are usually self-employed and work on a project basis. There are many different types of contractors, ranging from those in the construction industry to those in the IT industry. In most cases, contractors are hired to do […]
What is a Consultant? Definition
What is a Consultant? Definition A consultant is an expert or professional who provides advice in a particular area of expertise, such as business, management, law, finance, human resources, marketing, information technology, engineering, or public relations. Consultants typically work with businesses or organizations to help them improve their operations, grow their revenue, or make better […]
What is a Continuity Plan? Definition
What is a Continuity Plan? Definition A continuity plan is a document that outlines how a business will continue to operate during an interruption in service. The plan should include procedures for how to keep the business running, how to protect employees and customers, and how to maintain or resume operations. A continuity plan is […]
What are Direct Labour Costs? Definition
What are Direct Labour Costs? Definition In accounting and business, direct labour costs are those that are incurred in relation to the production of goods or services. In other words, these are the costs associated with the workers who are directly involved in the production process. Direct labour costs can include wages, benefits, and other […]
What is Corporate Social Responsibility (Csr)? Definition
What is Corporate Social Responsibility (Csr)? Definition What is corporate social responsibility (CSR)? Put simply, it’s a business model that takes into account the social and environmental impacts of a company’s activities. More and more, consumers are interested in buying from brands that have a positive social and environmental impact. In fact, 66% of consumers […]
What is a Credit Note? Definition
What is a Credit Note? Definition A credit note, also known as a memo credit, is a document that reduces the amount your customer owes you for goods or services. There are many reasons why you might issue a credit note to a customer. Maybe they returned some of the merchandise they bought from you, […]
What is an Incumbent Supplier? Definition
What is an Incumbent Supplier? Definition An incumbent supplier is a company that has been supplying goods or services to another company for a period of time. The length of time can vary, but the important thing is that the incumbent supplier has an existing relationship with the customer. The customer may be happy with […]
What is Nearshoring? Definition
What is Nearshoring? Definition Nearshoring is a business strategy that involves moving production or services closer to the company’s home market. The goal of nearshoring is to reduce costs and improve quality by taking advantage of lower-cost labor and other resources in nearby countries. Nearshoring has become increasingly popular in recent years as companies look […]
What is Delivery Time in Business? Definition
What is Delivery Time in Business? Definition In business, delivery time is the elapsed time between the start of work on an order and the completion of work on that order. Delivery time can be affected by many factors, such as the complexity of the product or service being produced, the availability of raw materials […]
What is a Letter Of Credit? Definition
What is a Letter Of Credit? Definition A letter of credit is a document that a bank issues to guarantee payment on behalf of its customer. The customer is usually an importer who is buying goods from an exporter. If the importer does not pay the exporter, the bank will cover the costs. A letter […]
What is an Official Order in Business? Definition
What is an Official Order in Business? Definition In business, an official order is a request or command that is given by a superior to those under them in the organizational hierarchy. The purpose of an official order is to ensure that specific tasks are completed in a timely and efficient manner. While official orders […]
What is Onboarding Suppliers? Definition
What is Onboarding Suppliers? Definition Onboarding suppliers is the process of incorporating new suppliers into your company’s process and workflows. This usually includes creating and maintaining supplier accounts, defining roles and responsibilities, and establishing communication protocols. Onboarding can be a lengthy and complicated process, but it’s essential for ensuring that your company has the resources […]
What is Outsource? Definition
What is Outsource? Definition Outsourcing has become a popular business model for many companies in recent years. But what is outsource? In short, outsource is the process of hiring another company or individual to complete a specific task or project. This can be done for a variety of reasons, such as saving on costs or […]
What is a Supplier Performance Review? Definition
What is a Supplier Performance Review? Definition A supplier performance review (SPR) is a process used by organizations to assess and provide feedback to their suppliers. It is a continuous improvement tool that can be used to monitor supplier performance against predetermined criteria, identify areas for improvement, and mitigate risks. The SPR process should be […]
What is Outsourcing? Definition
What is Outsourcing? Definition In business, outsourcing is the process of contracting with another company or individual to provide services or produce goods that are typically performed by in-house staff. Outsourcing is a common practice among small and large businesses alike, as it can save on costs and help to improve efficiency. There are many […]
What is a Preferred Supplier List? Definition
What is a Preferred Supplier List? Definition A preferred supplier list (PSL) is a formalized list of pre-approved vendors that have been carefully selected based on specific criteria and approved to provide goods or services to an organization. The criteria for selection can vary depending on the organization, but they are typically based on quality, […]
What is Quality Control? Definition
What is Quality Control? Definition Quality control is the process of ensuring that products meet certain standards before they are released to the market. This process can be applied to anything from food and drugs to manufactured products. There are a number of different ways to go about quality control, but the basic idea is […]
What are Stage Payments? Definition
What are Stage Payments? Definition A stage payment is a pre-determined amount of money that is paid out to a contractor or freelancer at specific points during the project timeline. For example, if you’re hiring a web designer to create a new website for your business, you might agree to pay them $500 at the […]
What are Small And Medium-Sized Enterprises (Smes)?
What are Small And Medium-Sized Enterprises (Smes)? Small and medium-sized enterprises (SME) are business that has fewer than 250 employees. SMEs are defined in the European Union (EU) as businesses with fewer than 500 employees. In the United States, they are defined as businesses with fewer than 500 employees. There are many benefits to being […]
What is Supplier Diversity? Definition
What is Supplier Diversity? Definition Supplier diversity is a business initiative that seeks to include businesses owned by marginalized groups in the supply chain of major corporations. This Business Wire article defines supplier diversity and gives an overview of its benefits and challenges. What is Supplier Diversity? Supplier diversity means that companies actively seek to […]
What is Supplier Risk Management? Definition
What is Supplier Risk Management? Definition Supplier risk management (SRM) is the process of assessing, monitoring, and managing the risks associated with supplier relationships. It’s a key part of supply chain management and procurement that helps organizations avoid or mitigate disruptions to their supply chains. SRM encompasses all the activities and strategies involved in identifying, […]
What is Supply Base Reduction (Sbr)? Definition
What is Supply Base Reduction (Sbr)? Definition Supply Base Reduction, or SBR, is a corporate strategy employed by many large organizations in order to simplify and rationalize their supplier base. The goal of SBR is to streamline the number of suppliers an organization uses in order to obtain goods and services while also reducing costs. […]
What is Supplier Management? Definition
What is Supplier Management? Definition Supplier management is the process of assessing, monitoring and improving supplier performance to ensure they are able to meet the requirements of the business. It’s an important part of any supply chain and can have a significant impact on the quality of products and services, as well as the cost. […]
What is a Supplier/Vendor? Definition
What is a Supplier/Vendor? Definition When it comes to business, there are a lot of terms that get thrown around. And if you’re not in the industry, it can be hard to keep up. But don’t worry, we’re here to help. In this blog post, we’ll be exploring the term “supplier/vendor” and what it really […]
What is Supply Chain Management? Definition
What is Supply Chain Management? Definition Supply chain management (SCM) is the process of planning, implementing, and controlling the operations of the supply chain with the aim of achieving specific goals. It involves coordinating and integrating activities across functions and geographies to deliver a product or service to the customer at the right time, at […]
What is a Third Sector Organisation (Tso)? Definition
What is a Third Sector Organisation (Tso)? Definition A third sector organisation (TSO) is a type of organisation that is neither public nor private, but has characteristics of both. TSOs are usually non-profit or charitable organisations, but can also be for-profit businesses that reinvest their profits back into the organisation or the community. There are […]
What is Third-Party Logistics (3Pl)? Definition
What is Third-Party Logistics (3Pl)? Definition In business, the term “third-party logistics” (3PL) describes the process of outsourcing logistics and transportation services to a company that specializes in those areas. The decision to outsource these services is usually based on the belief that the 3PL can do it better, faster, and/or cheaper than the company […]
What is Vendor Management? Definition
What is Vendor Management? Definition Vendor management is the process of assessing vendor performance, defining and setting expectations for service levels, and maintaining supplier performance records. It’s a broad term that encompasses many different aspects of working with vendors, including: -Vendor selection -Contract negotiation -Vendor performance monitoring -Risk management In short, vendor management is all […]
What are Key Suppliers? Definition
What are Key Suppliers? Definition When it comes to manufacturing, there are a lot of different moving parts. And in order for everything to run smoothly, you need to have a strong supply chain. But what exactly is a key supplier? A key supplier is defined as a supplier that provides critical components or services […]
What is a Diverse Supplier? Definition
What is a Diverse Supplier? Definition As the business world gradually becomes more conscious of disparities and inequities, the term “diversity” has become a hot topic in recent years. When it comes to suppliers, there are a number of different types that businesses can choose from. But what is a diverse supplier? In this blog […]
What is Cost Avoidance? Definition
What is Cost Avoidance? Definition What is cost avoidance? In simple terms, it is measures taken to prevent costs from being incurred. This could be in the form of reducing waste, improving efficiency, or anything else that would reduce the amount of money spent unnecessarily. There are many different ways to achieve cost avoidance, but […]
What is Savings Tracking?
What is Savings Tracking? Savings tracking is the process of monitoring your personal finances in order to save money. This can be done through a number of methods, such as setting up a budget, tracking spending, and setting financial goals. While it may seem like a daunting task, savings tracking is actually a very simple […]
What is Business Questionnaire? Definition
What is Business Questionnaire? Definition A business questionnaire is a research tool used to collect data and information about a target market or specific business. It is usually used in market research or as part of a marketing plan. A business questionnaire can be used to gather data about customer demographics, buying habits, product or […]
What is Catalogue in Procurement? Definition
What is Catalogue in Procurement? Definition The term “catalogue” in procurement can refer to a couple different things. In this blog post, we will explore the definition of catalogue in procurement, as well as its advantages and disadvantages. A catalogue in procurement is essentially a tool that outlines the products or services that a company […]
What are Commodity Prices? Definition
What are Commodity Prices? Definition Commodity prices are the prices at which raw materials or basic foodstuffs are bought and sold. A variety of factors can influence commodity prices, from weather patterns to political upheaval. If you’re interested in investing in commodities, it’s important to understand what drives commodity prices. In this blog post, we […]
What is a Category In Procurement? Definition
What is a Category In Procurement? Definition In procurement, a category is a type of commodity or service that is purchased by an organization. Categories are generally created based on similarities in the commodities or services being purchased, such as price, quality, or supplier. The creation of categories helps organizations to develop and implement procurement […]
What is a Commodity? Definition
What is a Commodity? Definition A commodity is a basic good used in commerce that is interchangeable with other goods of the same type. commodities are often agricultural products or natural resources such as oil, gold, and silver. While most people think of commodities as being physical things that are traded on commodity exchanges, anything […]
What is Minimum Order Quantity (Moq)? Definition
What is Minimum Order Quantity (Moq)? Definition Minimum order quantity or MOQ is the lowest amount of product that a supplier is willing to manufacture or sell. In other words, it’s the fewest number of units that a customer can purchase from a supplier. The purpose of having an MOQ is to ensure that manufacturers […]
What is a Pre Qualification Questionnaire in Procurement? Definition
What is a Pre Qualification Questionnaire in Procurement? Definition Before a business can start the process of procuring goods or services, they first need to identify their needs. This is done through a pre-qualification questionnaire (PQQ). A PQQ is a document used by businesses to assess the suitability of suppliers before inviting them to tender […]
What is a Taxonomy in Procurement? Definition
What is a Taxonomy in Procurement? Definition Taxonomies are a way of classifying things. In the business world, a taxonomy is a classification system for products, services, and other commodities. It’s used to help businesses understand and organize their procurement processes. A taxonomy in procurement can be helpful for a number of reasons. For one, […]
What is Evaluation in Procurement? Definition
What is Evaluation in Procurement? Definition Evaluation in procurement is the process of assessing proposals from suppliers and determining which supplier is the best fit for the buyer. The evaluation process can be used to select a single supplier or to shortlist a few suppliers for further negotiation. Evaluation is an important part of the […]
What is Needs Assessment? Definition
What is Needs Assessment? Definition A needs assessment is a systematic process for determining and addressing needs, or “gaps” in an organization. It is often used in the context of human resources, but can be applied to any area of organizational activity. The purpose of a needs assessment is to identify what an organization needs […]
What is Tender Clarification? Definition
What is Tender Clarification? Definition Tender clarification is the process of providing more information about a project or procurement in order to improve the chances of winning the bid. It is a common practice in government contracting, as well as in private sector bidding. In both cases, the goal is to improve the clarity of […]
What is a Tender? Definition
What is a Tender? Definition A tender is an invitation to bid for a project or accept a formal offer such as a takeover offer. Tenders are used in both the public and private sector. The main difference between a request for proposal (RFP) and a tender is that an RFP is usually conducted when […]
What is Tender Management? Definition
What is Tender Management? Definition Tender management is the process of handling and evaluating requests for proposals (RFPs), bids, and tenders. The goal of tender management is to select the most advantageous proposal in terms of cost, quality, and delivery. Tender management is a complex process that requires careful planning and execution. There are many […]
What is a Tender Evaluation Panel? Definition
What is a Tender Evaluation Panel? Definition A Tender Evaluation Panel (TEP) is a group of people who are responsible for the assessment of tenders. The panel is usually made up of representatives from the company that issued the tender, as well as experts in the relevant field. The purpose of a Tender Evaluation Panel […]
What is a Reverse Auction? Definition
What is a Reverse Auction? Definition A reverse auction is a type of auction in which the roles of buyer and seller are reversed. In a typical auction, buyers compete against each other to purchase goods or services from a seller. In a reverse auction, it is the seller that competes against other sellers to […]
What is Auction In Procurement? Definition
What is Auction In Procurement? Definition In procurement, auction is a process of soliciting bids from potential suppliers and selecting the most advantageous bid. An auction can be used for various types of procurements, including but not limited to, services, commodities, and construction projects. Auctions are commonly used in procurements where there are multiple potential […]
What is Balanced Scorecard? Definition
What is Balanced Scorecard? Definition The Balanced Scorecard, popularized in the early 1990s, is a strategy performance management tool – organizations use it to identify and improve various internal functions and external outcomes. It’s a framework that provides a comprehensive view of an organization, from strategy to execution. The aim is to ensure that all […]
What is a Bidder? Definition
What is a Bidder? Definition When it comes to online auctions, there are two key players: the seller and the bidder. The seller is the party who is offering up an item for auction, while the bidder is the party who is interested in purchasing the item. In order to place a bid, bidders must […]
What is a Bid? Definition
What is a Bid? Definition A bid is an offer made by a contractor to a client in order to win a construction project. A bid includes an estimate of the cost of labor and materials necessary to complete the project, as well as a proposed timeline for completion. Bids are generally submitted in response […]
What is Bid Security (Bid Bond)? Definition
What is Bid Security (Bid Bond)? Definition If you’re new to the world of construction, you may be wondering what bid security is and why it’s important. In this blog post, we will explore the definition of bid security and how it can protect your business in the construction industry. Bid security, also known as […]
What is a Bill Of Materials (Bom)? Definition
What is a Bill Of Materials (Bom)? Definition A bill of materials is a list of all the materials, components, and parts needed to build or manufacture a product. The bill of materials typically includes information such as part numbers, descriptions, quantities, and unit costs. The bill of materials is often used in manufacturing and […]
What is a Buyer? Definition
What is a Buyer? Definition A buyer is a person who purchases goods or services for personal or business reasons. In business, there are different types of buyers, each with their own set of responsibilities. For example, a purchasing agent is responsible for buying materials and supplies for a company. A marketing manager may be […]
What is Bill Of Quantities? Definition
What is Bill Of Quantities? Definition The Bill of Quantities, or BoQ, is a document prepared by the quantity surveyor during the tendering process. It provides full description of the works to be carried out and forms the basis for pricing the works by different contractors. The BoQ usually contains a description of each item […]
What is an E-auction? Definition
What is an E-auction? Definition E-auction is the process of buying and selling products or services online through an auction platform. The first e-auction was held in 1995 by the U.S. Department of Treasury and since then, online auctions have become a popular way to buy and sell everything from gadgets to real estate. E-auctions […]
What is Competitive Bidding? Definition
What is Competitive Bidding? Definition Competitive bidding is a process where potential contractors submit sealed bids to a project owner in hopes of being awarded the contract. It is commonly used in construction and procurement projects, as well as in the sale of goods and services. In a traditional sealed-bid auction, each bidder submits their […]
What is E-Tendering? Definition
What is E-Tendering? Definition E-tendering is the process of submitting, receiving, and evaluating tenders electronically. This system allows for a more efficient and secure way of conducting business as all documents are stored digitally. E-tendering also offers transparency and accountability as all interested parties can view the same information at the same time. The process […]
What are Goods in Business? Definition
What are Goods in Business? Definition In business, the term “goods” refers to physical products that are either produced or purchased by a company for the purpose of selling them. Goods are also known as inventory. Inventory is a key asset for any company because it represents the finished products or services that a company […]
What is E-Sourcing? Definition
What is E-Sourcing? Definition E-sourcing is the process of using the internet to find and connect with potential suppliers. This can be done through online directories, supplier search engines, or even social media platforms. E-sourcing can be a great way to find new suppliers, especially if you’re looking for international options. It’s also a cost-effective […]