DEFINITION OF TERMS
- Procurement- the business management function that ensures identification, sourcing, access and management of the external resources that an organisation needs or may need to fulfil its strategic objectives (Chartered Institute of Purchasing and Supply; CIPS).
- Public Procurement- the procurement of goods, services or constructions on behalf of a public authority / government department or agency.
- Procurement entities- Ministries, Departments, Agencies, state-owned enterprises responsible for procurement
- Bid- A submission by a prospective supplier in response to an invitation to quote in line with specifications
- Bid Bond- A written guaranty from a third party guarantor,usually a bank or an insurance company submitted to the procuring entity by a bidder with a bid as assurance that on acceptance of a bid the contractor will proceed with the contract.