Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
REQUEST FOR BID (RFB)
A solicitation in which the terms, conditions, and specifications are described and responses are not subject to negotiation.
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RESIDENT VENDOR
A person, firm, or corporation authorized to conduct business in the State of Minnesota on the date a solicitation for a contract is first advertised or announced. It includes a foreign corporation duly authorized to engage in business in Minnesota.
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RESPONSIVE BIDDER
A bidder whose bid does not vary from the specifications and terms set out in the invitation for bids.
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REUSED PRODUCT
Any product designed to be used many times for the same or other purpose without additional processing other than specific requirements, such as cleaning, painting or minor repairs.
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RFP
Abbreviation for Request for Proposal. Another name for an RFQ.
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RFQ
Abbreviation for Request for Quotation. A form used to obtain bids from suppliers.
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REQUIREMENTS CONTRACT
A form or contract that is used when the total long-term quantity required cannot be definitely fixed, but can be stated as an estimate or within maximum and minimum limits with deliveries on demand.
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RESPONSIBLE BIDDER
A bidder whose reputation, past performance, and business and financial capabilities are such that the bidder would be judged by an appropriate authority as capable of satisfying an organization's needs for a specific contract.
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RESTRICTIVE SPECIFICATIONS
Specifications that unnecessarily limit competition by eliminating items capable of satisfactorily meeting actual needs. See Performance Specification.
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RFID
An abbreviation standing for Radio Frequency Identification, a system of marking products electronically so they can be located anywhere from a distant point
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RFP OR RFB CONFERENCE
A meeting arranged by a procurement office to help potential bidders understand the requirements of an RFB or an RFP.
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RFX
The term "RFX" or "RFx" is used generically to refer to the sourcing practice of issuing a request from supplier providers. The "X" can stand for "I" for "Information" or "Q" for "Quote" or "P" for "Proposal" or "Pricing". It is a term most often used in the beginning stage of the sourcing process, before the exact strategy is determined, as well as in solution provider lingo as a means to define their capabilities.
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