Bid
A formal submission by a bidder or tenderer in response to a call for tender.
Tag: Definition
Competitive bid
A market approach where multiple suppliers and contractors are invited to submit sealed bids to deliver goods or services.
Competitive tension
The concept that if two or more contractors are invited to bid for a tender, they are more likely to offer competitive prices or quality … Read more
Contracting strategy
The precursor to the procurement and contracting plan. A formal statement of how the whole project will be structured from the perspective of the … Read more
Free-issue
A free-issue item is one that is provided to the supplier or contractor rather than being supplied by the contractor. It is common in … Read more
Individual contracting plan
A document created to support the tender / bid process for a work package. The plan sets out: How the package will be sourced … Read more
Local content
A requirement or an expectation that goods or services should be sourced locally by a business or project. The definition of local varies widely, … Read more
Market approach
The way in which a work package is to be put out to the market. Market approaches include: Competitive bid, Sole-source, and Call-off.
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.
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
Tender
The process of calling for competitive bids to deliver goods or services.
Work package
A line item on a procurement and contracting plan. A work package has a defined scope of work that can be awarded to a single … Read more