Shortened forms of a set of words, consisting of initial letters pronounced separately, for example, invitation to tender (ITT).
A system of prioritizing different types of inventories based on their value or importance to the business.
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.
Indicators or measures used to assess whether a product or service meets the standard required.
A measure, using the number of defects detected, that determines whether a batch of manufactured products meets the standard required.
A process of external verification to provide evidence that a standard of quality has been achieved, for example, competency, authority or credibility.
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.
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.
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.
An addition or supplement to a document; e.g., items or information added to a procurement document.
An item bought for a single and non-recurring use or purpose.
Having the ability or tendency to adapt to different situations.
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.
Solid particles that remain suspended in air as fog or smoke.
A duly executed and legally binding contract; the act of agreeing.
The process or rule used by an IT system to perform calculations, data processing or automated tasks.
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.
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.
A substitute response; an intentional substantive variation to a basic provision or clause of a solicitation by a vendor.
A written modification to a contract or purchase order or other agreements.
A person who is legally able to enter into a contract because of their appropriate age and state of mind.
Sum of money from public funds set aside for a specific purpose.
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.
A relationship between two parties who trade with each other in which there is no involvement other than the trade itself.
After Receipt of Order.
Australian Standards contracts.
The value of everything an organization owns.
A systematic inspection of a process or procedure to assess compliance with requirements or regulations.
A record, history or series of documents that provide evidence of a sequence of processes that led to an outcome.
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