Copy of `Invitation2Tender - Glossary of tendering terms`

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Invitation2Tender - Glossary of tendering terms
Category: Business and Law > Glossary of Tender Terms
Date & country: 29/12/2010, US
Words: 31


Beauty parade
Formal presentations to a client panel from short-listed providers after submission of the bid document: suppliers` last opportunity to influence the client`s decision.

Business Questionnaire
Some Local Authorities' (eg Lambeth, in London) name for a PQQ (Pre-Qualification Questionnaire; see entry for same).

e-Tendering
The procurement process simply conducted online, ie supplier registration/expression of interest, contract download, submission of bid document, evaluation of tenders. May or may not involve e-auctions.

EOI
Expression of Interest. Suppliers express their interest in tendering for the contract.

EU thresholds
Financial levels or limits relating to the estimated value of a contract over its entire life-time. Where the value of a contract is expected to exceed the relevant threshold, the contracting authority must advertise the contract in the Official Journal of the European Union (OJEU), as established by EU procurement law. The current thresholds are set at £3,611,319 for works; £144,371 for goods and...

Framework Agreement
An arrangement between buyer and supplier where both parties agree the terms of future dealings between them, without committing to or guaranteeing any specific purchase or contract.

Goods
Physical products provided by a supplier, eg stationery, chairs, construction materials, IT equipment.

ITT
Invitation to Tender. The client invites short-listed suppliers to tender their services through a formal, written document that is evaluated against specific criteria (see KPI).

KPI
Key Performance Indicator. Important (set of) measures by which the client will assess your bid (and your performance in fulfilling the contract).

LOCO
London Organising Committee of the Olympic Games. Led by Seb Coe, LOCOG is a private sector body responsible for staging a safe, secure, successful and profitable London 2012 Games. The analogy used is that LOCOG is putting on the show, while the ODA is building the theatre.

Low-ball
Price the contract very low in order to win the work (sometimes at a loss).

Master vendor
Supplier who manages the project using other (sub-)suppliers and who is accountable to the end-client for the overall performance of the contract.

Mind-map
Non-linear technique for mapping information using words, pictures, shapes and colours. Useful for capturing the output of brainstorming sessions. Developed by Tony (`lateral thinking`) Buzan.

MSP
Managed Service Provider.

NDA
Non-Disclosure Agreement.

ODA
Olympic Delivery Authority. A Non-Departmental Public Body (NDPB) governed by EU and UK law set up to build the physical infrastructure (eg venues, stadia, buildings) of the London 2012 Games. The analogy used is that the ODA is building the theatre, while LOCOG is putting on the show.

OJEU
Official Journal of the European Union, an online publication which publishes all contract opportunities whose value exceeds the EU thresholds.

PQQ
Pre-Qualification Questionnaire. First hurdle in the `Restricted` tender procedure used by public sector bodies to short-list eligible suppliers, seeking information on their financial history, track record, ability and capacity to deliver the specified contract. Suppliers are then invited to submit a formal tender document.

Procurement
The term used to describe how a company or contracting authority buys or agrees contracts for goods, works and services.

PSA
Preferred Supplier Agreement.

PSL
Preferred Supplier List.

RFI
Request for Information. A preliminary step in the procurement process, where the client requests general information from suppliers about their organisation.

RFP
Request for Proposal.

RFT
Request for Tender.

Services
Intangible products, eg accounting, consulting, design, IT, staff recruitment.

SLA
Service Level Agreement.

Story board
A technique for outlining the contents of each section of the tender document (see mind-map).

Sustainable development
Sometimes defined as `meeting the needs of the current generation without compromising the life-quality of later generations`.

Tender
To submit or offer a bid to supply the goods/services specified in the contract by the client.

Tier 1 supplier
An organisation at the top of the supply chain supplying goods or services directly to the client; also known as the `main contractor`.

Works
Usually relates to construction contracts.