Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
Contract Research Organizations (CROs)
An FDA term meaning a person that assumes, as an independent contractor with the sponsor, one or more of the obligations of a sponsor, e.g., design of a protocol, selection or monitoring of investigations, evaluation of reports, and preparation of materials to be submitted to the Food and Drug Administration.
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Contract clause
A single, usually numbered, paragraph in a contract setting out the detail of a single condition (or ‘term’) of the contract
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Contracting
Engaging in contractual relationships with one or more parties.
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Cooperative purchasing
The combining of requirements of two or more organizations or companies to obtain the benefits of volume purchases and/or reduction in administrative expenses. Most often used in the public sector for governmental or non-profit purchases.
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Core Competency
Those activities through which an organization achieves sustainable competitive advantage. Core competencies are seen as processes that are central to the way an organization works. It fulfills three criteria; 1) it provides consumer benefits, 2) it is not easy for competitors to imitate, and 3) it can be leveraged widely to many products and markets. A core competency can take various forms, including technical/subject know-how, a reliable process and/or close relationships with customers and suppliers. It may also include product development or culture, such as employee dedication. (Modified from Council of Supply Chain Management Professionals glossary of terms)
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Contract Type
Normally refers to the pricing term of the agreement between a buyer and a seller. Thus, a contract may be a "fixed-price, " "cost-plus " type or a "cost reimbursement " type.
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Contract period/contract term
In this context the contract term is the same as the contract period (i.e. the length of time during which the contract operates). It begins with the START DATE and ends with the EXPIRY DATE. The start date is not necessarily the date on which the contract is signed, but the date on which it comes into effect. The expiry date may be expressed as an actual calendar date (preferred) or as a given number of months (e.g., 36 months) from the start date
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Contractor
A person who agrees to furnish goods or services for a certain price; may be a prime contractor or subcontractor.
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Control measure
An action to reduce the potential likelihood that a risk will occur or the impact that it will have
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Copyright
A legal right created by the law that gives exclusive rights to the generator of the work
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Core competencies
Processes which are critical to an organization achieving success and competitive advantage
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