Dictionary of Procurement Terms

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Search Results: 81-90 of 122 results for “R”

  • Responder

    A person or entity who submits a response to a Request for Qualifications (RFQu), Expression of Interest (EOI), Request for Information (RFI), Qualifications Based Selection (QBS), or other solicitation types, methods, or processes where price is not a factor in the evaluation process for award determination.

    See Also: Offeror, Proposer, Bidder

  • Responsibility Centre

    CANADIAN The organizational unit that has been delegated responsibility for the control and monitoring of a financial budget.

  • Responsible Bidder/Proposer

    A business entity or individual who has the integrity and reliability as well as the financial and technical capacity to perform the requirements of the solicitation and subsequent contract.

    See Also: Qualified Bidder

  • Responsive Bid/Proposal

    A bid or proposal that fully conforms in all material respects to the Invitation for Bids (IFB)/Request for Proposals (RFP) and all of its requirements, including all form and substance.

  • Restocking Charges

    Charges imposed by some sellers when accepting a return for what was purchased.

  • Restraint of Trade

    The effect of an act, contract, conspiracy, or combination that eliminates or stifles competition, effects a monopoly, artificially maintains prices, or otherwise hampers or obstructs the course of trade and commerce as it would be carried on if left to the control of natural and economic forces.

  • Restrictive Specifications

    Specifications that unnecessarily exclude a potential bidder or proposer from competing for a procurement. Precludes full and open competition. Specifications that are written around a specific product or service.

  • Results-Oriented Budgeting

    Budgeting that attempts to link resource allocation decisions to performance criteria that include both output and outcome measures. Also referred to as Performance-Based Budgeting, these forms of budgeting add performance measures that look at outcomes of activities rather than at individual process steps. To be effective, these budget methods must be linked to the overall strategic plan of the organization, and each decision unit must support a particular goal and objective (similar to decision units in zero-based budgeting).

    See Also: Performance-Based Budgeting

  • Retailer

    Intermediaries who buy products from manufacturers (or other intermediaries) and sell them to buyers rather than for resale or for use in producing other products. (Business, 2002)

    See Also: Wholesaler

  • Retainage

    A specified amount or percentage of the progress payment due usually under a construction contract. Upon completion of all contract requirements, retained amounts must be paid promptly. (Harney, 1992)

    See Also: Hold Back

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