payment terms
The period which a contractor, supplier or vendor must wait before payment falls due from a customer. Not to be confused with debtor days. … Read more
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Pre-award
The period from when Procurement receives a direction to issue a tender to the point at which the contract is signed by both parties.
Pre-qualification
The process of assessing the capability of a contractor before inviting them to bid for a scope of work. A comprehensive pre-qualification process should … Read more
Procurement and contracting plan (PCP)
A formal document and/or schedule that: Lists all of the individual work packages required to deliver a project scope, Summarises the market approach and other … Read more