Dictionary of Procurement Terms

A method of source selection involving two competitive steps, combining 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 the opening of price proposals of those firms who have achieved the highest technical scores.

A procurement contract that extends for longer than one year.

A corporation that operates on a worldwide or 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/statement 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.