Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
Alternate response
A substitute response; an intentional substantive variation to a basic provision or clause of a solicitation by a vendor.
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Amortization
a method used to lower the cost value of a product incrementally through scheduled charges to income or amortization is also the paying off of debt with a fixed repayment schedule in regular installments over time.
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Antitrust Laws
Federal laws intended to ensure free and fair competition by prohibiting monopolies and contracts or conspiracies in restraint of trade in interstate and foreign commerce. Some states have enacted their own antitrust laws.
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Applications Service Provider
An application service provider (ASP) is a business that provides computer-based services to customers over a network. Software offered using an ASP model is also sometimes called on-demand software or software as a service (SaaS). The most limited sense of this business is that of providing access to a particular application program (such as customer relationship management) using a standard protocol such as HTTP.
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Approved Supplier List (ASL)
A list of the suppliers approved for doing business. The AVL is usually created by procurement or sourcing and engineering personnel using a variety of criteria such as technology, functional fit of the product, financial stability, and past performance of the supplier. Also sometimes referred to as Approved Vendor List or Approved Provider List but more often referred to as Approved Suppliers.
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Amendment/change order
A written modification to a contract or purchase order or other agreements.
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An individual with capacity
A person who is legally able to enter into a contract because of their appropriate age and state of mind
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Application Assessment
Used to assess the best method for interaction between the automation tool and the applications in scope.
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Approved Provider
A supplier that meets a predefined set of qualification characteristics, quality standards, prior proven performance or other selection criteria.
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Approved Provider Transaction Model
A model in which goods and services are purchased from pre-qualified suppliers that meet certain performance or other selection criteria. Frequently an organization has a limited number of pre-approved suppliers for various categories from which buyers or business units.
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Approved Vendor List (AVL)
For details please check Approved Supplier List
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