Obligatory, required by order; a
provision that may not be waived.
Mandatory Requirement (Condition)
that may apply to Request for Proposals (RFP)
and Invitation for Bids (IFB) that is established
in the scope of work/specifications that must
be met without alteration. A mandatory
requirement should be clearly identified. Not
meeting a mandatory requirement may be
grounds for the disqualification of a bid or
A document that lists all the items in a
shipment for the use of officials (e.g.,
customs; bill of lading).
A person or business entity that
creates, makes, processes, or fabricates a
product or something of value that changes a
raw material or commodity from one form to
another or creates a new product or
commodity. (Business 2002)
Manufacturer's Price List
A price list published in
some form by the manufacturer and available
to and recognized by the trade. The term does
not include a price list prepared especially for
a given offer.
1. A group of individuals who have a collective
need, purchasing power, and the desire and
authority to spend money on goods, services,
2. A setting in which buyers and sellers establish
prices for identical or very similar products
and exchange goods and/or services.
3. The aggregate forces (including economics) at
work in trade and commerce in a specific
service or commodity.
The process of analyzing prices
and trends in the competitive marketplace to
compare product availability and set prices
with market alternatives to establish the
reasonableness of offered prices. (Business
2002) See also: Demand Analysis,
Procurement Profile, Spend Analysis, Supplier
Analysis, Supply Positioning.
A standard set of goods, services,
or combination of the two, used to determine
a supplier's price for evaluation purposes or to
calculate an index.
The total quantity of a good or
service that buyers are willing and able to buy
during a specific time.
An economic system in which
prices are guided through free, unrestricted
trade between buyers and sellers.