Our online glossary will help you understand the terminology that’s used on Sell2Wales.
- Acceptance
- When a bid from a supplier is accepted by a buyer.
- Authorised officer
- The buyer’s representative that oversees the contract with the supplier.
- Bidder
- The supplier that is bidding to the public sector body.
- Bid
- Also known as a ‘tender’, ‘quote’ or ‘quotation’.
- Business questionnaire
- A questionnaire used to assess a supplier’s suitability before they’re placed on a list of approved suppliers.
- Buyer
- The organisation responsible for issuing the tender and subsequent order.
- Competitive dialogue
- The discussion of options available to the buyer before they select a solution from a supplier.
- Contract
- A legally binding agreement made between organisations.
- Common Procurement Vocabulary (CPV code)
- A set of standardised, 9 digit codes that make it easier for potential suppliers to identify the procurement contracts in which they are interested. When you use Sell2Wales to find tender opportunities, tenders are coded so that you can easily and quickly find those that match your products and services.
- Criteria
- The key points that a supplier’s tender will be judged by.
- Debrief
- A meeting to help suppliers improve their future bids by outlining why their tender was not successful.
- e-procurement
- The buying and selling of goods and services between businesses and organisations online.
- Estimate
- A valid, rational price provided for goods or services.
- Evaluation panel
- A panel of people that analyse received tenders and make recommendations on who should be awarded the contract.
- Expressions of interest
- The list of suppliers that intend to respond to a contract notice.
- Framework agreement
- An agreement that allows two or more suppliers to be used by a buyer to provide services or goods during the contract period.
- Invitation To Tender (ITT)
- An invite from buyers to suppliers to bid for the provision of goods and services.
- Invitation To Negotiate (ITN)
- An invite from buyers to suppliers to negotiate the terms and conditions of the contract documents.
- Negotiated procedure
- A procedure that allows buyers to negotiate with more than one supplier.
- Notice of contract award
- A notice issued to inform suppliers that a contract has been successfully awarded.
- OJEU
- The Official Journal of the European Union publishes contracts where the value of the contract is over a certain amount. OJEU is updated daily and can be searched in its entirety for free on Sell2Wales.
- Open procedure
- A procedure that allows all suppliers to tender during that stage of the process.
- Outsourcing
- A purchasing process where external suppliers are used by the main supplier to deliver parts of a contract.
- Pre-qualification
- The selection of prospective suppliers for a tender, having been assessed objectively by predefined criteria.
- Prior Information Notice (PIN)
- A PIN alerts suppliers that a buyer is intending to put some work out to tender within the next 12 months.
- Procurement
- The entire process of goods or services being supplied in a public sector contract, from the requirements being identified by the buyer, to the contract being fulfilled by the supplier.
- Purchasing
- Purchasing is the stage in the procurement process when a buyer contracts the supplier to obtain the required goods and services.
- Quotation
- A price for a service as provided by a supplier.
- Request for quotation (RFQ)
- When the buyer issues potential suppliers with an invite to quote for a specific requirement.
- Statement of requirement (SOR)
- A document produced by the buyer that specifies the main requirements of the good or service they are purchasing.
- Sub-contracting
- When part of a contract is delegated to another contractor by the main supplier.
- Tenders Electronic Daily (TED)
- TED is the online version of the Official Journal (OJEU) and contains all contract notices above the EU thresholds, as well as prior information notices and contract award notices. http://ted.publications.eu.int
- Tender
- The official offer written by the supplier, including a costed proposal to provide services or goods.
- Tender documents
- Documents provided by the purchasing organisation which include the necessary instructions, contract conditions and specifications from which suppliers can produce a tender.
- Term contracts
- The specified period of time the contract is valid for.
