Visure Solutions


Support
Register
Login
Start Free Trial

Glossary

Glossary

Table of Contents

Acronyms
Terms
Definition
EOI
Expression of Interest
A document used to gauge the interest of potential suppliers or contractors in participating in a tender or procurement process. It provides an opportunity for interested parties to express their intention to bid and gather relevant information.
ITB
Invitation to Bid
A formal document issued by a buyer to potential suppliers, inviting them to submit a bid for the provision of goods or services. The ITB outlines the requirements, terms, and conditions, as well as the evaluation criteria for selecting the winning bid.
LOI
Letter of Intent
A non-binding document that expresses the intention of a buyer to enter into a contract with a particular supplier. It outlines the basic terms and conditions of the proposed agreement and serves as a preliminary agreement before the final contract is signed.
MOU
Memorandum of Understanding
A document that outlines the terms and details of a cooperative agreement between two or more parties. It is typically used to establish a framework for collaboration, without creating a legally binding contract.
RFI
Request for Information
A document used to gather information from potential suppliers or contractors about their capabilities, products, or services. It helps the buyer to assess the market and make informed decisions before initiating a formal tender process.
RFP
Request for Proposal
A document that solicits proposals from potential suppliers or contractors for the provision of goods or services. The RFP outlines the buyer's requirements, evaluation criteria, and contractual terms, allowing bidders to submit detailed proposals outlining their offerings.
RFQ
Request for Quotation
A document used to solicit quotations from potential suppliers or contractors for the supply of goods or services. The RFQ typically includes the buyer's requirements, specifications, and other relevant details, allowing suppliers to provide pricing information.
SLA
Service Level Agreement
A contract between a service provider and a customer that defines the agreed-upon level of service. It outlines the scope, quality, and performance metrics for the service, as well as the consequences for not meeting the specified requirements.
SoW
Statement of Work
A document that defines the work to be performed by a contractor or supplier. The SoW outlines the project's objectives, deliverables, timeline, and other specific requirements. It serves as a reference for both the buyer and the supplier throughout the project.
TOR
Terms of Reference
A document that outlines the objectives, scope, and deliverables of a project or initiative. The TOR provides a clear understanding of the project's requirements, timelines, roles, and responsibilities, serving as a guide for the procurement process and subsequent project execution.
Bid
Bid
A formal offer submitted by a supplier or contractor in response to a tender or procurement opportunity. It includes the proposed price, scope of work, and any other relevant information required by the buyer to evaluate the bid and select a winning proposal.
Evaluation Criteria
Evaluation Criteria
The set of factors used to assess and compare bids or proposals in a tender process. Evaluation criteria may include price, technical capabilities, experience, quality, delivery timelines, and other relevant factors specified by the buyer.
Framework Agreement
Framework Agreement
A long-term agreement between a buyer and one or more suppliers that establishes the terms and conditions for future procurement activities. It streamlines the procurement process by pre-establishing the terms, pricing, and conditions for specific categories of goods or services.
Incoterms
Incoterms
International commercial terms that define the rights and obligations of the buyer and seller in international trade transactions. Incoterms specify who is responsible for transportation, insurance, customs clearance, and other costs and risks associated with the delivery of goods.
Procurement
Procurement
The process of acquiring goods, services, or works from external sources. It involves activities such as identifying requirements, sourcing suppliers, soliciting bids, evaluating proposals, negotiating contracts, and managing supplier relationships.
Qualification Criteria
Qualification Criteria
The specific requirements that potential suppliers or contractors must meet to participate in a tender or procurement process. Qualification criteria may include financial stability, technical expertise, legal compliance, past performance, and other relevant factors.
Reverse Auction
Reverse Auction
An online bidding process in which suppliers compete to offer the lowest price for a particular product or service. The buyer starts with a high asking price and progressively lowers it, encouraging suppliers to submit increasingly competitive bids until the auction ends.
Single-Source Procurement
Single-Source Procurement
A procurement method in which the buyer selects a single supplier without competition. This method is typically used when there is only one qualified supplier available, or when there is an urgent need that cannot be met through a competitive process.
Supplier
Supplier
An entity or organization that provides goods, services, or works to a buyer or client. Suppliers can be individuals, companies, or other organizations that fulfill the buyer's requirements and enter into a contractual relationship for the provision of goods or services.
Tender
Tender
The formal process by which potential suppliers or contractors submit bids or proposals to provide goods, services, or works. The tender process typically involves a call for bids, evaluation of proposals, and the selection of the winning bidder to enter into a contract.
Value for Money
Value for Money
A concept that assesses the optimal balance between the price paid and the quality or benefits received from a procurement transaction. Value for money considers not only the upfront cost but also the long-term value, efficiency, and effectiveness of the goods or services procured.
Best and Final Offer
Best and Final Offer
The final opportunity given to shortlisted suppliers or contractors to submit their most competitive and improved bid or proposal. It allows the buyer to negotiate and select the most favorable offer before making the final decision.
Conflict of Interest
Conflict of Interest
A situation in which a person or organization's personal interests or affiliations might compromise their ability to act impartially or in the best interest of the procurement process. Conflict of interest should be avoided to ensure fairness and integrity in procurement activities.
Force Majeure
Force Majeure
An unforeseen event or circumstance beyond the control of the parties involved, which prevents them from fulfilling their contractual obligations. Force majeure events, such as natural disasters or political unrest, may excuse the affected party from performance or delay it.
Joint Venture
Joint Venture
A business arrangement in which two or more parties agree to combine their resources and expertise to undertake a specific project or activity. Joint ventures are often formed to pursue procurement opportunities that require specialized skills or shared investment.
NDA
Non-Disclosure Agreement
A legally binding contract that establishes confidentiality obligations between the parties involved. A non-disclosure agreement (NDA) ensures that sensitive information shared during the procurement process remains confidential and is not disclosed to unauthorized parties.
Performance Bond
Performance Bond
A financial guarantee provided by a supplier or contractor to ensure their performance and fulfillment of contractual obligations. A performance bond protects the buyer by providing compensation if the supplier fails to meet the agreed-upon terms and conditions.
Pre-Qualification
Pre-Qualification
The process of evaluating and shortlisting potential suppliers or contractors based on their qualifications, capabilities, and experience before inviting them to participate in a formal tender or procurement process. Pre-qualification helps streamline the selection process.
Stakeholder
Stakeholder
An individual, group, or organization that has an interest or is affected by the outcome of a procurement process or project. Stakeholders may include buyers, suppliers, employees, customers, communities, government entities, or any other relevant parties.
Variation Order
Variation Order
A written document that modifies or amends the terms and conditions of an existing contract. A variation order may involve changes in scope, specifications, price, timelines, or any other contractual element, and it requires agreement and approval from both parties involved.
Vendor
Vendor
A supplier or contractor who provides goods, services, or works to a buyer. The term "vendor" is often used interchangeably with "supplier" to refer to an external entity that enters into a contractual relationship for the provision of goods or services.
Weighting
Weighting
The assigned importance or value given to specific evaluation criteria or factors when assessing and comparing bids or proposals. Weighting determines the relative significance of each criterion in the evaluation process and influences the final selection of the winning bid.

Don’t forget to share this post!

Top

Leveraging AI to Accelerate Safety-Critical Development & Compliance

february 22nd, 2024

11 am EST | 5 pm CET | 8 am PST

Fernando Valera

Fernando Valera

Main Speaker

Fernando Valera

Fernando Valera

Main Speaker

Unleashing the Power of AI: Accelerating Safety-Critical Development and Ensuring Compliance

Explore the innovative applications, challenges, and the promising future of AI in this vital sector.