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
Contracts awarded to more than
one supplier for comparable supplies and
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.
Mutuality of Obligation
One of the elements of a
contract. Both parties to an agreement are
obligated, or none of the parties is obligated.
Both parties must supply consideration to the
other party. It is a sub-element of
consideration. There may be more than two
parties obligated in an agreement.