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Tendering
An invitation to tender (ITT, otherwise known as a call for bids or a request for tenders) is a formal, structured procedure for generating competing offers from different potential suppliers or contractors looking to obtain an award of business activity in works, supply, or service contracts, often from companies who have been previously assessed for suitability by means of a supplier questionnaire (SQ) or pre-qualification questionnaire (PQQ). The term "notice inviting tenders" (NIT) is often used in purchasing in India. An ITT differs from a request for quotation (RFQ) or a request for proposal (RFP), in which case other reasons (technology used, quality) might cause or allow choice of the second best offer. An RFP is a request for a price from a buyer but the buyer would also expect suggestions and ideas on how the project work should be done. RFPs are thus focused on more than just pricing/cost, they entail a bit of consulting from the contractor or vendor. The closest equi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Procurement
Government procurement or public procurement is the procurement of goods, services and works on behalf of a public authority, such as a government agency. Amounting to 12 percent of global GDP in 2018, government procurement accounts for a substantial part of the global economy. To prevent fraud, waste, corruption, or local protectionism, the laws of most countries regulate government procurement to some extent. Laws usually require the procuring authority to issue public tenders if the value of the procurement exceeds a certain threshold. Government procurement is also the subject of the Agreement on Government Procurement (GPA), a plurilateral international treaty under the auspices of the WTO. Overview Need for government procurement Government procurement is necessary because governments cannot produce all the inputs for the goods they provide themselves. Governments usually provide public goods, e.g. national defense or public infrastructure. Public goods are non-riv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Procurement In The European Union
Government procurement or public procurement is undertaken by the public authorities of the European Union (EU) and its member states in order to award contracts for public works and for the purchase of goods and services in accordance with principles derived from the Treaties of the European Union. Such procurement represents 14% of EU GDP ,European CommissionCommunication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions: Making Public Procurement work in and for Europe COM(2017) 572 final, published 3 October 2017, accessed 20 October 2021 and has been the subject of increasing European regulation since the 1970s because of its importance to the European single market. According to a 2011 study prepared for the European Commission by PwC, London Economics and Ecorys, the UK, France, Spain, Germany, Poland and Italy were together responsible for about 75% of all public procurement in the EU ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tenders Electronic Daily
Government procurement or public procurement is undertaken by the public authorities of the European Union (EU) and its member states in order to award contracts for public works and for the purchase of goods and services in accordance with principles derived from the Treaties of the European Union. Such procurement represents 14% of EU GDP ,European CommissionCommunication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions: Making Public Procurement work in and for Europe COM(2017) 572 final, published 3 October 2017, accessed 20 October 2021 and has been the subject of increasing European regulation since the 1970s because of its importance to the European single market. According to a 2011 study prepared for the European Commission by PwC, London Economics and Ecorys, the UK, France, Spain, Germany, Poland and Italy were together responsible for about 75% of all public procurement in the EU ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Buyer
Procurement is the method of discovering and agreeing to terms and purchasing goods, services, or other works from an external source, often with the use of a tendering or competitive bidding process. When a government agency buys goods or services through this practice, it is referred to as public procurement. Procurement as an organizational process is intended to ensure that the buyer receives goods, services, or works at the best possible price when aspects such as quality, quantity, time, and location are compared. Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing risks such as exposure to fraud and collusion. Almost all purchasing decisions include factors such as delivery and handling, marginal benefit, and fluctuations in the prices of goods. Organisations which have adopted a corporate social responsibility perspective are also likely to require their purchasing activity to take wide ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sole Source
Multisourcing is the concept of working with multiple suppliers who are also competitors. Large-scale buyers, such as the U.S. federal government, may want to feel assured that there is more than one supplier for an item. It has been described as the opposite of "one neck to wring". The opposite is called sole-source. Intel, a large corporation, was not "enough" for the x86, and so others such as Advanced Micro Devices and Cyrix were needed. Models There are two primary models for Multisourcing: Prime Contractor and Client models: Prime Contractor model A ''Prime Contractor'' may use ''subcontractors''. Either way, the client has "one neck to wring". Client model The client is the ''system integrator''. Multiple outside sources, each with their own "perceived core competencies", provide services. This does not preclude the outside suppliers from further subcontracting. Sole sourcing Although "no-bid contracts are illegal under European Union procurement law", "there are exclus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
E-procurement
E-procurement (electronic procurement, sometimes also known as supplier exchange) is the business-to-business or business-to-consumer or business-to-government purchase and sale of supplies, work, and services through the Internet as well as other information and networking systems, such as electronic data interchange and enterprise resource planning. The e-procurement value chain consists of indent management, e-Informing, e-Tendering, e-Auctioning, vendor management, catalogue management, purchase order integration, Order Status, Ship Notice, e-invoicing, e-payment, and contract management. Indent management is the workflow involved in the preparation of tenders. This part of the value chain is optional, with individual procuring departments defining their indenting process. In works procurement, administrative approval and technical sanction are obtained in electronic format. In goods procurement, indent generation activity is done online. The end result of the stage is take ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defense Contracting
The arms industry, also known as the arms trade, is a global industry which manufactures and sells weapons and military technology. It consists of a commercial industry involved in the research and development, engineering, production, and servicing of military material, equipment, and facilities. Arms-producing companies, also referred to as arms dealers, or as the military industry, produce arms for the armed forces of states and for civilians. Departments of government also operate in the arms industry, buying and selling weapons, munitions and other military items. An arsenal is a place where arms and ammunition - whether privately or publicly owned - are made, maintained and repaired, stored, or issued, in any combination. Products of the arms industry include guns, artillery, ammunition, missiles, military aircraft, military vehicles, ships, electronic systems, military communications, night-vision devices, holographic weapon sights, laser rangefinders, laser sights, hand ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Performance Bond
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin. History Performance bonds have been around since 2,750 BC. The Romans developed laws of surety around 150 AD, the principles of which still exist. Overview A job requiring a payment and performance bond will usually require a bid bond, to bid the job. When the job is awarded to the winning bid, a payment and performance bond will then be required as a security to the job completion. For example, a contractor may cause a performance bond to be issued in favour of a client for whom the contractor is constructing a building. If the contractor fails to construct the building according to the specifications laid out by the contract (most often due to the bankruptcy of the co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statement Of Work
A statement of work (SOW) is a document routinely employed in the field of project management. It is the narrative description of a project's work requirement. It defines project-specific activities, deliverables and timelines for a vendor providing services to the client. The SOW typically also includes detailed requirements and pricing, with standard regulatory and governance terms and conditions. It is often an important accompaniment to a master service agreement or request for proposal (RFP). Overview Many formats and styles of statement of work document templates have been specialized for the hardware or software solutions described in the request for proposal. Many companies create their own customized version of SOWs that are specialized or generalized to accommodate typical requests and proposals they receive. However, it is usually informed by the goals of the top management as well as input from the customer and/or user groups. Note that in many cases the statement ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electronics Corporation Of India Limited
Electronics Corporation of India Limited (ECIL) ( ईलेक्ट्रॉनिक्स कॉर्पोरेशन ऑफ ईन्डिया लिमिटेड ( ) ) is a Public Sector Enterprise under the Department of Atomic Energy, established on 11 April 1967 by A. S. Rao at Hyderabad, to create a strong indigenous base in electronics. ECIL is a multi-product, multi disciplinary organisation with focus on indigenous Nuclear energy, space and Defence sectors. ECIL also has a strong presence in indigenous Electronic Security, Communications, Networking and e-governance domains. ECIL has committed partnerships with nuclear energy establishments of India, particularly Bhabha Atomic Research Center (BARC), Nuclear Power Corporation of India Limited (NPCIL) and Indira Gandhi Centre for Atomic Research (IGCAR). ECIL also actively supports other strategic sectors such as indigenous Defence Indian Ordnance Factories, (Defence Research and Development Organisatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Surety
In finance, a surety , surety bond or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a surety or guarantor to pay one party (the ''obligee'') a certain amount if a second party (the ''principal'') fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation. The person or company providing the promise is also known as a "surety" or as a "guarantor". Overview A surety bond is defined as a contract among at least three parties: * the ''obligee'': the party who is the recipient of an obligation * the ''principal'': the primary party who will perform the contractual obligation * the ''surety'': who assures the obligee that the principal can perform the task European surety bonds can be issued by banks and surety companies. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pre-qualification Questionnaires
In general, to pre-qualify is about passing or meeting an initial criteria or requirements before getting other opportunities opened up to such a person. Pre-qualification is a process whereby a loan officer takes information from a borrower and makes a tentative assessment of how much the lending institution is willing to lend them. Basic process The borrower is typically asked for their social security number or another identifier, together with proof of their employment, income, and assets, which is weighed against the monthly payments being made on their current debts. This provides a general picture of their creditworthiness. Based on this initial information, a maximum loan amount will be determined according to a standard Debt-to-income ratio (DTI). Final approval of the loan will require a credit report from a credit bureau Mortgage In a mortgage context, pre-qualification denotes a process that has not yet been underwritten by the lending institution. Typically, subprime ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
