Glossary

A

ABBREVIATIONS

Shortened forms of a set of words, consisting of initial letters pronounced separately, for example, invitation to tender (ITT).

ABC CLASSIFICATION

A system of prioritizing different types of inventories based on their value or importance to the business.

ACCEPTANCE

The act of accepting by an authorized representative; an indication of a willingness to pay; the assumption of a legal obligation by a party to the terms and conditions of a contract.

ACCEPTANCE CRITERIA

Indicators or measures used to assess whether a product or service meets the standard required.

ACCEPTANCE SAMPLING

A measure, using the number of defects detected, that determines whether a batch of manufactured products meets the standard required.

ACCREDITATION

A process of external verification to provide evidence that a standard of quality has been achieved, for example, competency, authority or credibility.

ACCRUALS

An adjustment made to the accounts of a company that has the effect of putting aside money for future use. It can be an adjustment to sales or an adjustment to costs.

ACTIVITY-BASED COSTING (ABC)

An accounting method in which indirect costs are assigned to activities used in the production of a product or delivery of a service. These activities are then used to apportion those costs to products and services in a way that gives a clearer understanding of the total cost of a product or service.

ACQUISITION

The act of acquiring goods and services (including construction) for the use of a governmental activity through purchase, rent, or lease. Includes the establishment of needs, description of requirements, selection of procurement method, selection of sources, solicitation of procurement, solicitation for offers, award of contract, financing, contraction administration, and related functions.

ADDENDUM

An addition or supplement to a document; e.g., items or information added to a procurement document.

AD-HOC PURCHASE

An item bought for a single and non-recurring use or purpose.

ADAPTIVE

Having the ability or tendency to adapt to different situations.

ADVERTISE

To make a public announcement of the intention to purchase goods, services or construction with the intention of increasing the response and enlarging the competition. The announcement must conform to the legal requirements imposed by established laws, rules, policies and procedures to inform the public.

AEROSOL

Solid particles that remain suspended in air as fog or smoke.

AGREEMENT

A duly executed and legally binding contract; the act of agreeing.

ALGORITHM

The process or rule used by an IT system to perform calculations, data processing or automated tasks.

ALLOCATED OVERHEAD

Overheads are the cost of things that are needed to manufacture an item or deliver a service but are not associated with just one product. The total overhead cost is spread among all products or services, and this is the allocated overhead.

ALP

Authority for Local Purchase: granted by the commissioner of Administration to an individual who has successfully completed all requirements established by the Office of State Procurement.

ALTERNATE RESPONSE

A substitute response; an intentional substantive variation to a basic provision or clause of a solicitation by a vendor.

AMENDMENT/CHANGE ORDER

A written modification to a contract or purchase order or other agreements.

AN INDIVIDUAL WITH CAPACITY

A person who is legally able to enter into a contract because of their appropriate age and state of mind.

APPROPRIATION

Sum of money from public funds set aside for a specific purpose.

APPROVED SUPPLIER LIST

A list of suppliers whose basic credentials have been checked. This would normally cover financial stability, compliance with any laws or licenses needed to operate, adequate insurance, health and safety policies and the like. There is no contract with the suppliers, but there is some assurance as to their appropriateness for specified categories. This list may restrict what types of order (by category, value or geographical location) can be placed with each of them.

ARM’S-LENGTH TRADING RELATIONSHIP

A relationship between two parties who trade with each other in which there is no involvement other than the trade itself.

ARO

After Receipt of Order.

AS

Australian Standards contracts.

ASSETS

The value of everything an organization owns.

AUDIT

A systematic inspection of a process or procedure to assess compliance with requirements or regulations.

AUDIT TRAIL

A record, history or series of documents that provide evidence of a sequence of processes that led to an outcome.

B

BACK ORDER

Customer orders which cannot be immediately fulfilled and are awaiting future stock delivery/manufacture before fulfillment.

BALANCED SCORECARD

An approach to measuring performance that looks at multiple variables. The variables might be equally important, or given different weightings to reflect degrees of importance.

BAR CODE

An optical, machine-readable representation of data.

BARRIER TO ENTRY

Often high costs or high levels of competition, linked to supplying a new product or service into a market.

BASE PRICE

The initial price of something without the added costs such as handling, transport and profit.

BATCH QUANTITY

Amount of products produced at a time.

BENCHMARKING

Comparing an element of one business, such as price, quality or service, against another.

BESPOKE

Made or provided especially for a specific end user.

BEST VALUE

A result intended in the acquisition of all goods and services. Price must be one of the evaluation criteria when acquiring goods and services. Other evaluation criteria may include, but are not limited to environmental considerations, quality, and vendor performance.

BID

Offer of a price.

BIDDER (OR TENDERER)

A potential supplier who makes an offer (a bid is an offer or tender).

BILATERAL TRADE AGREEMENTS

An exchange agreement between two nations or trading groups that gives each party favored trade status connected to certain goods obtained from the signatories. The agreement sets purchase guarantees and removes tariffs and other trade.

BILL OF LADING

A written receipt or contract, given by a carrier, showing a list of goods delivered to it for transportation. The straight bill of lading is a contract which provides for direct shipment to a consignee. The order bill of lading is negotiable; it enables a shipper to collect for a shipment before it reaches its destination (this is done by sending the original bill of lading with a draft drawn on the consignee through a bank). When the consignee receives the lading indicating that payment has been made, the lading will be surrendered to the carrier’s agent, and the carrier will then ship the goods to the consignee, and the bill of lading will be surrendered to the carrier. Note: Shippers frequently consign shipments to themselves on order bills of lading so that delivery is made only upon the shipper’s order; the person or firm to be notified upon arrival of the shipment at destination must be designated.

BILL OF MATERIALS (BOM)

A comprehensive list of components, items, materials and parts to create a product, essentially a recipe for the production of an item.

BIODIVERSITY

Biodiversity is short for biological diversity. It refers to a high level of the variety of plant and animal life in the world or in a particular habitat – it is considered to be both important and desirable.

BIOMASS

Biomass is organic matter or plant material converted for use as a fuel (biofuel).

BIOPHYSICAL

A branch of science concerned with the application of physical principles and methods to biological problems.

BLANKET ORDER

A contract under which a vendor agrees to provide goods or services on a purchase-on-demand basis. The contract generally establishes prices, terms, conditions and the period covered (no quantities are specified); shipments are to be made as required by the purchaser.

BLOCKCHAIN TECHNOLOGY

An encrypted network that stores records of a transaction and communicates this to all other nodes points within the network.

BOARD MEETING

Regularly held meetings between all the directors of an organization.

BOTTLENECK

A specific stage in a process which slows down the flow of production and limits the overall output rate.

BOTTOM LINE

An accounting term meaning a company’s income after all expenses have been deducted from revenues.

BOUNCE BACK

An automated e-mail sent in response to an e-mail or contact form.

BRAND

The image of an organization. The name, logo, slogan, colors, etc., that differentiate it from the competition.

“BRAND NAME OR EQUAL” SPECIFICATION

A specification that uses one or more manufacturers brand names or catalog numbers to describe the standards of quality, performance and other characteristics needed to meet the requirements of a solicitation and provide for the submission of equivalent products.

BREAK EVEN

The point at which a business recovers what it has spent and starts to make a profit.

BROKER

A business that carries no inventory and that has no written ongoing agreement with any manufacturer or manufacturer’s authorized distributor to sell the products of the manufacturer.

BUDGET

Financial plan for a set period of time on how much can be spent.

BUFFER STOCK

Amount of stock held in stores at any time in addition to actual requirements.

BUSINESS

A contractor, subcontractor, supplier, consultant, or provider of technical, administrative, or physical services organized as a sole proprietorship, partnership, association, corporation, or other entity formed for the purpose of doing business for profit.

BUSINESS-CRITICAL

A supply or service without which the business could not operate.

BUSINESS-TO-BUSINESS (B2B)

A transaction between businesses (e.g., in the supply chain).

BUSINESS-TO-CUSTOMER (B2C)

A transaction between a business and the end user of its product or service (e.g., an individual shopper).

BUSINESS CASE

A justification for a proposed project or undertaking on the basis of its expected benefits.

BUSINESS CYCLE

The rise and fall over time of output in an economy as measured by gross domestic product (GDP).

BUYER’S VIEW

The buyer’s perspective on a supply market and the suppliers and products in it.

BUYING

The physical act of placing orders to make a purchase.

BUY IN

When people believe and support an idea.

C

CA

The Chartered Accountant qualification.

CAD

Computer aided design – drawings created using software.

CALL-OFF SCHEDULE

A schedule produced to state what amounts of products are to be delivered when.

CAPITAL

The amount of money or assets available to be leveraged by a person or organization, e.g., when starting a company, or buying an asset such as machinery.

CAPITAL COSTS

Large, fixed, one-off expenses incurred in getting a business or process operational.

CAPITAL PURCHASE

The purchase of an item that is a long-term asset such as a building or equipment.

CARBON DISCLOSURE PROJECT (CDP)

An organization working with companies and cities to disclose the environmental impact of major corporations in the interest of fighting climate change.

CARTEL

A group of companies claiming to act independently, but actually acting together to control prices by price-fixing, limiting supply or other restrictive practices.

CASHABLE SAVINGS

Savings that has no impact on the product or service quality, but which result in a sustainable reduction in the budget for purchases of that item.

CASH FLOW STATEMENT

An accounting document that summarizes the incomings and outgoings of cash in an organization.

CASH FLOW

The amount of money moving in and out of a business in a particular period.

CATALOGUE

A list of items for sale that often contains descriptions, pictures, prices and availability.

CATEGORY

A group of goods or services that have shared characteristics.

CATEGORY AWARE

Understanding the market and risks associated with a particular commodity or service.

CERTIFICATE OF ORIGIN (COO)

A document required by customs officials, identifying the country of origin of imported goods, and certified by the supplier’s country’s designated authority, to authenticate the source of the goods.

CHANNEL

The way products and services get to the customer.

CHEMICAL PROCESS

A process in which chemicals or chemical compounds are changed with the help of chemical reactions.

CHIEF EXECUTIVE OFFICER (CEO)

The most senior person in an organization, with overall responsibility for its success.

CHIEF PROCUREMENT OFFICER (CPO)

Chief procurement officer or procurement and supply director – the person with overall responsibility for procurement and supply within an organization.

CLIMATE PROOFING

Identifying risks to an asset, as a consequence of climate variability and change, and ensuring that those risks are reduced to acceptable levels by making changes.

CLOSED SYSTEM

A system or process that, once started, does not allow new entrants. A framework agreement might have multiple buyers and multiple suppliers, but once set up no additional buyers or suppliers can be added to it.

CO2

The chemical formula for carbon dioxide, which is a colorless, odorless gas found in our atmosphere.

CO-OPERATIVE

A people-centered enterprise owned and run by and for their members, which either reinvests any profits or returns it to their members.

COHESIVENESS

Working together effectively.

COLLABORATIVE

Working together for mutual benefit.

COLLUSION

Where two or more potential suppliers (or the purchaser and one or more suppliers) secretly co-operate to undermine the competitiveness of a tender process.

COMBUSTION

The process of burning a fuel so it reacts with oxygen to release energy.

COMMERCIAL

To do with business, intended to make a profit.

COMPETITIVE ADVANTAGE

Putting an organization in a strong position against their competition.

CONFLICT

A disagreement, or difference of opinions or principles.

CONFLICT OF INTEREST (COI)

Where an individual is unable to remain impartial due to a personal, professional or public interest.

CONFORMANCE

The meeting of a required specification or standard.

CONGLOMERATE

Two or more corporations engaged in entirely different businesses that fall under one corporate group.

CONSIGNMENT

A specific quantity of goods being carried.

CONSIGNMENT NOTE

A document describing the contents of a shipment, prepared by a consignor (supplier) and countersigned by the carrier as a proof that the carrier has received the goods for delivery.

CONSIGNMENT STOCK

Inventory owned by the supplier but held at the buyer’s premises.

CONSOLIDATED DELIVERIES

The practice of grouping deliveries with similar products or products which have similar transportation requirements in one journey to reduce the unit cost instead of making many single deliveries of the same item.

CONSUMER

An individual or organization who pays an amount to consume goods or services.

CONSUMERISM

A theory that encourages the increasing purchase of goods and services.

CONTINUING PROFESSIONAL DEVELOPMENT (CPD)

Undertaking training or attending courses to develop knowledge.

CONTINUOUS IMPROVEMENT

An ongoing effort to improve products, processes and services.

CONTRACT

A legally enforceable written or oral agreement between two or more competent parties that defines a job or service to be performed.

CONTRACT CLAUSE

A single, usually numbered, paragraph in a contract setting out the detail of a single condition (or ‘term’) of the contract.

CONTRACT COMPLIANCE

Where items purchased conform to the agreed contract.

CONTRACT MANAGEMENT

Dealing with contracts with suppliers to make sure the terms of the contract are met.

CONTRACT PERIOD/CONTRACT TERM

In this context the contract term is the same as the contract period (i.e., the length of time during which the contract operates). It begins with the START DATE and ends with the EXPIRY DATE. The start date is not necessarily the date on which the contract is signed, but the date on which it comes into effect. The expiry date may be expressed as an actual calendar date (preferred) or as a given number of months (e.g., 36 months) from the start date.

CONTROL CHART

A chart that can be used to analyze how a process changes over time.

CONTROL MEASURE

An action to reduce the potential likelihood that a risk will occur or the impact that it will have.

COPYRIGHT

A legal right created by the law that gives exclusive rights to the generator of the work.

CORE COMPETENCIES

Processes which are critical to an organization achieving success and competitive advantage.

CORPORATE GOVERNANCE

The mechanisms, procedures and processes that are used to control and direct an organization.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

A business approach that contributes to sustainable development by delivering social, environmental and economic benefits for all stakeholders. The CSR policy may cover fundraising for charity, ethical behavior, social and environmental policies, etc.

COST CENTRE

Area of the business or budget to which the purchase needs charging.

COST DRIVER

Anything that means the cost of a good or service will change.

COST OF GOODS SOLD (COGS)

The direct costs for producing goods, i.e., the cost of the materials used, as well as the cost of the labor to produce them and any other allocated overheads. It excludes and distribution or sales costs.

COSTS

The amount of money that has gone out of the business.

COUNTER-OFFER

A response to an offer that is different from the original.

CREDIT LIMIT

The amount of money an organization can borrow from a creditor.

CREDIT NOTE

A document issued to correct mistakes on an invoice – a credit note reduces the amount owed on the invoice document.

CREDIT RATING

A score given to an organization which is based on the amount of risk they propose to the debtor.

CROSS DOCKING

A logistics procedure where incoming products are loaded directly onto an outgoing carrier with minimal handling and storage time.

CROSS-FUNCTIONAL TEAMS

Teams that involve individuals from different departments that work together towards a common goal.

CULTURE

The shared values, practices and beliefs within an organization that determine how its procedures are carried out and how it is run overall.

CUSTOMER

The person who purchases and pays for (but doesn’t necessarily use) a product or service.

CUSTOMER RELATIONSHIP MANAGEMENT (CRM) SYSTEM

A database to keep track of customers, contacts and a record of transactions.

CUSTOMS

The area of government that controls and administers policies and procedures for the import and export of goods.

D

DEBARMENT

The disqualification of a person to receive invitations for bids or requests for proposals, or the award of a contract by a government body, for a specified time commensurate with the seriousness of the offense, the failure, or the inadequacy of performance.

DECARBONISATION

The reduction or removal of carbon dioxide from energy sources.

DECOMMISSION

The activities performed to take a product or service out of use and make it unavailable to customers.

DEFAULT

Failure by a party to a contract to comply with contractual requirements.

DEGROWTH

A downscaling of production and consumption.

DELIVERY

The formal handing over of property; the transfer of possession, such as by carrier to purchaser.

DEMAND

How much or many of a product or service customers are prepared to buy at different prices.

DEMAND CURVE

A graphical representation of how price changes with changes in the demand for an item.

DEMOGRAPHICS

The type, age, culture, interests and financial position of people.

DEMURRAGE

The detention of a ship, railroad, car or truck beyond a specified time for loading/unloading; the payment required and made for the delay.

DEPENDENT DEMAND STOCK

Raw materials or component parts whose demand (ordering levels) is influenced by demand for the finished product.

DEPRECIATION

The reduction over time in the value of an asset held by a company, often due to wear and tear. An amount for this is treated as a cost in a company’s annual accounts.

DEPRECIATION CHARGE

The amount of money by which annual accounts are adjusted to reflect the cost of a reduction in the value of assets. This money is put aside to purchase a replacement for the asset at a future date.

DEPRECIATION OF ASSETS

An accounting method of spreading the cost of an asset over a defined period, usually several financial years.

DESIGN SPECIFICATION

A specification setting forth the required characteristics to be considered for award of contract, including sufficient detail to show how the product is to be manufactured.

DESTINATION

The place to which a shipment is consigned.

DESIGN SPECIFICATION

A detailed document that sets out the precise way that a product must be built, or a service delivered; includes technical drawings, standards that must be met and dimensions.

DEVOLVE

Delegate or transfer power.

DIRECT CALL OFF

The act of placing an order under a framework agreement without having further competition.

DIRECT COST

Cost that is directly associated with the production of a good or service.

DIRECT LABOUR COST

The salary cost for employees who work in the manufacturing process of an item or delivery of a service.

DIRECT MATERIAL COST

The cost of materials and components used in the production of an item or delivery of a service.

DIRECT SUPPLIES

Raw materials and goods for use in production.

DISABILITY-OWNED BUSINESS ENTERPRISE (DOBE)

A disability-owned business enterprise (DOBE) is a for-profit business that is at least 51% owned, managed and controlled by a person with a disability regardless of whether or not that business owner employs person(s) with a disability.

DISABLED VETERAN BUSINESS ENTERPRISE (DVBE)

Any veteran that was disabled during active-duty service and received a rating letter qualifies for being classified as a Disabled Veteran Business Enterprise. A similar 51% ownership and control of the business is applied to businesses owned by service-disabled veterans.

DISCLOSURE OF GIFTS

Declaring gifts or hospitality received from a supplier to ensure transparency of dealings.

DISCRETIONARY SPENDING

Spending by consumers on things they want to buy rather than on things they have to buy such as food and housing.

DISECONOMY OF SCALE

Where unit costs rise with rising output.

DISSOLVED

Ceased trading.

DISTRIBUTION

The process of moving materials or products from one supply chain participant to another.

DISTRIBUTION CHANNEL

The network used to get a product or service from the manufacturer or creator to the end user or consumer. It can include wholesalers, agents and retailers.

DIVIDEND

Money paid from the company’s earnings to the shareholder.

DOCUMENT TYPE

MAPS Procurement uses document type to differentiate among different functions for a requisition, solicitation, contract, or order. The document type is a field to be entered on those screens that are for requisition solicitation, contract, or order.

DOMESTIC

Private, not business.

DOWNSTREAM ENVIRONMENTAL FACTORS

Impacts on the environment caused as a result of the use of the goods you are producing.

DOWNTIME

Time when production or services cannot be carried out.

DROP SHIPMENT

Merchandise which is shipped by a manufacturer directly to a customer in response to the seller who collects orders but does not maintain an inventory.

DUAL-SOURCING

Using two or more suppliers for a product, splitting demand between them, to keep pricing competitive and ensure continuity of supply.

DUE DILIGENCE

Undertaking a thorough appraisal or conducting an evaluation to establish all the facts prior to entering into an agreement.

E

E-COMMERCE (OR ELECTRONIC COMMERCE)

Buying and selling goods and services, or transmitting funds or data, over an electronic network, primarily the Internet.

E-PROCUREMENT

The process of buying and selling supplies and services over the Internet. It differs from e-commerce in that it makes use of a supplier’s closed system typically available only to registered users.

E-SOURCING

The electronic procurement of products or services using Internet-enabled applications and decision support tools. These tools facilitate interactions between buyers and suppliers through the use of online negotiations, online auctions, reverse auctions, etc.

EARLY ADOPTERS

A group of consumers who are the first after the innovators to buy or use a new product or technology.

ECO-MANAGEMENT AND AUDIT SCHEME (EMAS)

Designed by the European Commission to be used to monitor and improve the environmental performance of organizations.

ECONOMIC GROWTH

The increase over time in the value of goods and services produced by a country, often defined as a value per head of population.

ECONOMIC OPERATOR

A contractor, supplier or service provider that operates in a particular market.

ECONOMIC ORDER QUANTITY (EOQ)

The most economically viable quantity in which to buy stock which considers not only the material costs, but also associated costs such as storage, transport and administration costs.

ECONOMICALLY DISADVANTAGED AREA BUSINESS (ED)

Small business eligible for certification as socially disadvantaged business or economically disadvantaged area business: A small business entity with its principal place of business in Minnesota organized for profit, including an individual, partnership, corporation, joint venture, association, or cooperative that is 51 percent owned and is operationally controlled on a day-to-day basis by citizens of the United States. The areas of economic disadvantage are determined by the US Department of Labor.

ECONOMY

The state of money flow, manufacturing, distribution, availability and consumption, or scarcity, of goods and services, energy, labor, or other resources at country level.

ECONOMY OF SCALE

The trend of cost per unit being reduced as output increases due to factors such as increased bargaining power and the cost of tooling being shared amongst larger numbers of units.

ELECTRONIC DATA INTERCHANGE (EDI)

The exchange of data between companies in computerized format.

EMBEDDED CARBON

The range of greenhouse gas (GHG) carbon emissions associated with the production process.

EMBEZZLEMENT

The act of someone stealing assets for which they are responsible.

EMERGENCY ACQUISITION

A threat to public health, welfare, or safety that threatens the functioning of government, the protection of property or the health or safety of people.

EMERGING MARKET

A country that is progressing toward becoming more advanced, usually by means of rapid growth, investment and industrialization.

ENERGY STAR

A federal standard applied to office equipment for the purpose of rating the energy efficiency of the equipment. Energy Star computers, monitors, and printers save energy by powering down and going to “sleep” when not in use, resulting in a reduction in electrical bills and pollution levels.

ENFORCEABLE BY LAW

A court can compel those involved in the contract to fulfill their contractual obligations.

ENTERPRISE RESOURCE PLANNING (ERP)

A computer system that analyses the current inventory, forecast demand and expected delivery of new supplies to calculate demand and identify requirements from suppliers.

ENVIRONMENTAL PROTECTION AGENCY (EPA)

A USA governmental regulatory agency.

ENVIRONMENTALLY PREFERABLE PRODUCT (EPP)

A product or service that has a lesser or reduced impact on human health and the environment when compared with competing products or services that serve the same purpose. Such products or services may include but are not limited to those which contain recycled content, minimize waste, conserve energy or water, and reduce the amount of toxics either disposed of or consumed.

EQUAL OR APPROVED EQUAL

Used to indicate that an item may be substituted for a required item if it is equal in quality, performance and other characteristics.

EQUILIBRIUM POINT

The optimum price at which there is equal supply and demand of an item.

EQUITY

The value of the assets minus the value of the liabilities.

ERGONOMICS

Adapting the workplace environment to the user, e.g., ensuring chairs and desks are at a comfortable working height, lighting is adequate for tasks, etc.

ESCALATION CLAUSE

A contract provision which permits the adjustment of contract prices by an amount or percent if certain specified contingencies occur, such as changes in the vendor’s raw material or labor costs.

ESCALATION PROCESS

A set of procedures put in place to deal with potential problems.

ESCROW AGREEMENT

In the context of computer software, an escrow agreement involves the supplier placing a copy of the software source (original and updated) code (i.e., the raw form of the software design) with a third party. If the software supplier ceases trading, the purchaser will then be provided with the source code, which will enable them to continue to use and, where necessary, adapt and update the software (provided that they can appoint appropriately skilled personnel to do so).

ETHICS

Principles that govern a person’s or an organization’s behavior.

EVALUATION CRITERIA

The standards that a potential supplier needs to meet.

EVALUATION OF RESPONSES

The examination of responses after opening to determine the vendor’s responsibility, responsiveness to requirements, and other characteristics of the solicitation relating to the award.

EXCHANGE RATE

The value of one currency compared with another, which can vary from day to day.

EXECUTING CONTRACTS

This expression has two meanings: a. to draw up formal contracts and sign/seal them, and b. to carry out your obligations under the contract.

EXPEDITE

To make special requests and make additional effort to ensure goods are delivered in less than the normal lead time.

EXPEDITING

Monitoring the progress of an order to ensure stock is received as quickly as possible.

EXPEDITOR

The person in the buying organization who carries out the expediting function in procurement, which means following the issue of a purchase order or contract from receipt of order by supplier, through to delivery, dealing with delivery problems as they arise.

EXPENDITURE

Money spent on goods or services.

EXPENSES

Costs incurred from traveling, staying in hotels, eating out, etc., whilst carrying out your job.

EXPOSURE

The number/value of contracts a purchaser has with a single supplier; it is a rough guide to how much any difficulties faced by the supplier will affect the purchaser.

EXPRESS TERMS

Contractual terms that are agreed between two parties and written into a contract.

EXTERNAL STAKEHOLDERS

People, groups or organizations who don’t belong to an organization but are nevertheless impacted by it, or have an impact upon it.

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