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Errors and Omissions Insurance
Insurance that
protects businesses and their employees
against claims of negligent professional
actions or inadequate professional work; also
known as professional liability insurance.
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Escalator (Escalation) Clause
Allows the contract
price to be adjusted up or down in direct
relationship to a defined market indicator,
such as the Consumer Price Index (CPI).
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Escrow
A sum of money, bond, piece of property,
or deed delivered into the keeping of a third
party by one party to a contract, to be
returned only when an obligation is fulfilled, or
conditions of a contract are met.
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eSign
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Established Catalog Price
Price included in a
catalog, printed price list, schedule, or other
form that is regularly maintained by a
manufacturer or contractor—either published
or otherwise available for inspection by all
customers—that states the prices currently in
effect for the general buying public for given
supplies or services.
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Established Due Date
The date and time
specified in the Invitation for Bids (IFB) and
Request for Proposals (RFP) for submission of
initial bids or proposals.
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Estimated Cost
The cost to be used as the basis
of a sourcing decision. It is representative of
all known work and expected unscheduled
work arising from the requirements (i.e., the
total estimated contract value).
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Estoppel
A legal principle that prevents a person
from asserting a position that is inconsistent
with his or her prior conduct, if injustice would
thereby result to a person who has changed
position in justifiable reliance upon that
conduct.
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Ethics
1. A principle of right or good conduct or a body
of such principles.
2. A system of moral principles or values.
3. A code of conduct.
Ethics prohibit a breach of the public trust by a
public employee by any attempt to realize
personal gain through conduct inconsistent with
the proper discharge of that employee’s duties.
Strong ethical principles are required for public
procurement personnel, and many professional
bodies adhere to published codes of ethics. See
also: Integrity, Norm.
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European Community (EC)
The economic
association forerunner of the European Union
formed in 1957 by six European countries to
deal with the policies and governing of all
member states.
