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Common Purchasing Terms

Horizontales
The individual or personnel designated by an authorized official to undertake all activities necessary for the procurement of goods, works, or services in accordance with the applicable regulations, rules, policies, and procedures. The term buyer is also used to denote the entity that is a party to the contract.
An instrument to conduct a market survey in order to obtain information from the market that can be used to identify available or potential solutions for fulfilling identified needs which may include information on cost and delivery time.
An entity that potentially or actually provides goods or other products (including intellectual property), services and/or works to the organization.
Buying goods or services 'off contract', i.e. without using contracts that have been put in place for the respective goods or services.
An informal method of solicitation whereby suppliers are requested to submit a quotation for the provision of goods or services. Normally used for standard, off-the-shelf items, where the value of the procurement falls below the established threshold for formal methods of solicitation.
A written or computerized request from an internal user/customer for the fulfillment or procurement of goods, services or works.
Generic term for a request to suppliers to offer a bid, quotation or proposal
A procurement method in which offers from competing suppliers are invited by open advertisement and provided with the scope, specifications, and terms and conditions of the proposed contract as well as the criteria by which the offers will be evaluated. The objectives of competitive bidding are to obtain goods or services at the lowest cost or best value through open and fair competition.
An approximate calculation of charges or costs to supply goods or services.
A special purchase order typically designed to leverage repetitive requirements and emergency repairs involving low value goods and services, while reducing the administrative workload.
An offer in response to a Request for Proposal
A type of contract that documents the purchase of goods and/or services.
A generic term for bids, quotations and proposals, received from a Supplier in response to Solicitation Documents.
An offer in response to a Request for Quotation. However, if it is in response to an enquiry, it is simply a statement of price and availability.
Work, duty or labor performed by a contractor pursuant to a contract. Rendering of services may involve the associated provision of utilities or facilities if specified in the terms of the contract. Typical examples of services include quest speakers, consultants, catering, cleaning, travel management, event management, IT services, training, freight forwarding, and consulting.
Verticales
The action taken by the buyer based on the evaluation of offers, to approve the selection of the supplier for a specific contract.
An entity that submits an offer in response to a solicitation. Normally, the term bidder is used to refer to the entity responding to an ITB, RFQ or an electronic auction
A formal method of solicitation where prospective suppliers are requested to submit a proposal for the provision of goods, works or services, based on the Specifications, Scope of Work, or Terms of Reference included in the solicitation documents. Normally used in cases where the requirements are complex; cannot be clearly or completely specified, where detailed technical evaluations are to be performed, and/or where pricing or cost may not be the sole basis of award.
A description of the technical requirements for a material, product or service. Usually referring to the defined requirements for materials or products, but can also relate to the requirements for services.
In the context of procurement, a contract is a written, legally binding agreement between the organization and a supplier, which establishes the terms and conditions, including the rights and obligations of the organization and the supplier. A contract may take many different forms, e.g. agreement, purchase order, memorandum of understanding, letters of assist.
A sum agreed upon during the formation of a contract which will be paid by the breaching party in the event of a defined breach of contract (such as non-performance or delay in delivery). The amount of Liquidated Damages must be arrived at in good faith and must be based on an estimate of the actual damage that will ensue from the breach.
The acquisition through purchase or lease of real property, goods or other products (including intellectual property), works or services.
The process of agreeing on a standard specification for a specific product or line of products. Usually conducted to achieve economies of scale, compatibility with other products, facilitation of operation, maintenance, and repair of already purchased goods, etc. Standardization could result in limited source situations; this should be a consideration in the decision for standardization.
Objects of every kind and description including raw materials, products and equipment and objects in solid, liquid or gaseous form, and electricity, as well as services incidental to the supply of the goods if the value of those incidental services does not exceed that of the goods themselves.
Any party to a procurement contract with the organization. A contractor may take various forms, including an individual person, a company (whether privately or publicly held), a partnership or a government agency.
An offer in response to an Invitation to Bid or an offer in response to an electronic auction
The process of identifying suitable suppliers that could provide required products or services for the acquiring organization