Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
Replevin
An action for the recovery of property. For example, suppose a supplier is in possession of the buying organization%u2019s property, such as tools or inventory and that it is unobtainable because of a strike or other reason. The buyer can obtain a writ of replevin issued by a judge to allow the buyer accompanied by an officer of the jurisdiction to enter the facilities and physically repossess the property.
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Request for Information (RFI)
Used to obtain general information about products, services or suppliers. An RFI is sometimes used to gather benchmark information and general market data from the marketplace. Buyers rarely if ever select a supplier based on RFI information, but rather use the information to help them further refine the RFx approach. As such, a RFI typically precedes other RFx processes found below and often used to help a buyer to down-select the number of potential suppliers they will evaluate. An RFI can be used with any of the RFx processes.
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Request for Price
Used to obtain price offers for a specified product or service. Buyers using a Request for Price must ensure they properly define the specifications so there is no ambiguity for the supplier. An RFP is often a follow-up to an earlier request for information (RFI). The law may or may not treat a quotation as a binding offer. Sometimes also referred to as a Request for Quote.
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Request for Proposed Solution
A collaborative process used where an organization has a dialogue with potential down-selected suppliers. A Request for Proposed Solution is different than a Request for Proposal because the buyer does not know the solution; rather they are asking suppliers for propose the most appropriate solution. Also referred to Competitive Dialogue process.
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Reprocurement
To procure again – put in place a new contract when a previous one expires or is terminated
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Request for Partner
A highly collaborative process used when a buyer is actively seeking not just a solution from a supplier, but also a partner.
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Request for Proposal (RFP)
A solicitation in which it is not advantageous to set forth all the actual, detailed requirements at the time of solicitation and responses are subject to negotiation. Price must be a factor in the award but not the sole factor.
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Request for quotation (RFQ)
An invitation to suppliers to bid on specific products or services
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Requirement
The needs and wants of business groups, business units or users who consume the goods or services that are procured. Requirements may cover such areas as discrete specifications, quality conditions, regulatory compliance, special handling, shelf life, volumes or any other attributes that define the needs and wants of the business.
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