In the context of data, something is objective if it is pure fact, with no opinion or interpretation attached to it.
In terms of a contract, the actions that each party must carry out.
The state of becoming discontinued, outdated or no longer useful.
Stock that is outdated and no longer useful.
A USA governmental regulatory agency.
Goods or services that are readily available and not made to order.
An invitation communicated by one party to another to enter into a legal contract.
Positions appointed by the Board of Directors. Examples of officers are CEO (chief operating officer) and FO (financial officer).
Official Journal of the European Union.
A market structure where a small number of competitors dominate the market.
This is an arrangement where the items are delivered before payment is due, for example, on credit terms such as 30 days.
The requisition document type used in MAPS Procurement to request the purchase of a non-contract item when the requested item’s estimated cost exceeds the authority for purchase level of the buyer. An OMR conveys the request for purchase to the person with the authority to purchase. The resulting order type is most often the Purchase Order Requisition (POR).
A contract in which both the purchaser and supplier share all financial information relating to the contract, including figures that would normally be considered commercially confidential.
The amount, type and value of goods available for sale at the beginning of a set period.
Day-to-day expenses of running an organization, e.g., rent, salaries, transport costs, power and insurance.
Everything external to the business that has an impact on how it operates. This will include regulations, social expectations, the economy, its relative position in the market, the competitiveness of the market, etc.
A benefit that could have accrued if a person had taken a different action.
A provision (or exercise of a provision) which allows a continuance of the contract for an additional time according to permissible contractual conditions.
A method used to determine the size and timing of an organization’s orders.
A body that buys goods or services from a supplier.
The shared values and beliefs that influence how people in an organization behave.
A manufacturer that produces goods for another company to sell under their own branding, particularly computer and IT equipment.
An object that oscillates moves repeatedly from one position to another.
The Occupational Safety and Health Administration. Created by the OSHA Act.
Type of performance specification that describes the functions or performance that a product must fulfil.
The amount of goods or services an organization is producing or supplying.
Contract another company to undertake a task or job.
Having a specification that is better than is required to be fit for purpose.
Where more goods or services are available than there are buyers for them. This most often occurs in agriculture where the harvest may vary from year to year, depending on the weather, and the produce cannot be kept for a long time.
A short-term agreement with a bank to lend money.
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