Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
Exchange Rate Risk
The risk that the value of an asset or liability will change because of a change in exchange rates.
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Executing contracts
This expression has two meanings: a. to draw up formal contracts and sign/seal them, and b. to carry out your obligations under the contract
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Expedite
When you have ordered a product and you contact the shipper to attempt to receive the product at an earlier time than originally planned, or when you place an order with a request to rush delivery.
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Expeditor
The person in the buying organisation who carries out the expediting function in procurement, which means following the issue of a purchase order or contract from receipt of order by supplier, through to delivery, dealing with delivery problems as they arise
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Expenses
Costs incurred from travelling, staying in hotels, eating out, etc., whilst carrying out your job
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Express terms
Contractual terms that are agreed between two parties and written into a contract
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Exclusion Clause
A component or clause of a contract that seeks to restrict the rights of the parties to the contract. Also sometimes known as the Exemption Clause.
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Exit Management Plan
A plan that facilitates a smooth, effective transition of services delivery, minimum disruption of ongoing delivery, and efficient completion of all agreement obligations. The plan is invoked with the issuance of a formal termination notice under the agreement, specifying: (1) the portion of services included in the scope of termination; (2) the estimated exit transition period and vendor delivery centers affected; and (3) the period of time following a termination notice that the parties will have to agree on the specific scope of transition services provided by the vendor.
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Expediting
Monitoring the progress of an order to ensure stock is received as quickly as possible
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Exposure
The number/value of contracts a purchaser has with a single supplier; it is a rough guide to how much any difficulties faced by the supplier will affect the purchaser
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Extensibility
Extending the number of automation tools that are deployed, typically extending from RPA deployment into more cognitive tools.
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