Dictionary of Procurement Terms

A method of source selection involving two competitive steps that combine the elements of both Invitation for Bids and Request for Proposals. The first step may require the submission of technical and price proposals, with only the technical proposals being evaluated and scored. The second step involves opening the price proposals of those firms that have achieved the highest technical scores and are in competitive range.

A procurement contract that extends for longer than one year.

A corporation that operates on a global scale, without significant ties to any one nation or region. (Business 2000)

Contracts awarded to more than one supplier for comparable supplies and services.

Denotes the imperative in contract clauses or specifications/statements of work. Also indicates a legal condition required to occur before a prescribed consequence will happen.

In contracts, the agreement of each party to all the terms and conditions in the same context and with the same meaning.

An action by all parties to a contract that ends the contract.