Regina M. Stephenson
Director of Purchasing
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Award |
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Purchasing's acceptance of a Bid or proposal from a
Vendor resulting in a Purchase Order or contract with the vendor. |
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Back Order |
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All or part of an order that the Vendor is unable to
ship immediately, but will be shipped at a later date. |
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Bid Evaluation |
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An analysis of the responses to an IFB to determine the
Vendor whose response meets the necessary criteria to be Vendor of
award. |
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Bidder |
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The Vendor submitting the reply to an Invitation for Bid
(IFB). |
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Competitive Bidding |
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The submission of prices by individuals or firms
competing for a Contract. |
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Contract |
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A legally binding agreement between two or more parties.
(Example: Purchase Order). |
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Discount |
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A deduction from the normal price of an item(s) given by
the Vendor to the Purchaser. |
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F.O.B. |
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A delivery term meaning "free on board" at a named
place. The named place is where merchandise title passes from the seller
to the purchaser. Whoever holds the title in transit is responsible for
damages and losses and for filing claims. |
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F.O.B. Destination |
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The most desirable term for the Purchaser. Title is held
by the Vendor until merchandise is delivered to the Purchaser or dock
area. The Vendor is responsible for damages and losses and the filing of
claims up to the time of delivery. A separate freight bill will be
submitted for payment. |
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F.O.B. Destination, Freight Prepaid, and Added |
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Title of merchandise passes to Purchaser at time of
delivery; however, transportation and freight charges are prepaid by the
Vendor and added to the invoice. |
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F.O.B. Factory, Freight Prepaid and Allowed |
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A delivery term which places liability with the
Purchaser once the freight leaves the dock, but the Vendor is going to
pay the shipping costs. |
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F.O.B. Shipping Point |
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Title of the merchandise passes from the Vendor to the
Purchaser at the moment of delivery to the freight carrier. Purchaser is
liable for freight charges, and must file all claims for loss or damage. |
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Prepayment |
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When payment must accompany the Purchase Order
(memberships, dues, subscriptions, registrations, etc.)--Proof is
required. |
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Proforma Invoice |
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An invoice written prior to receipt of ordered material,
which shows the cost of the item. (Commonly used for prepayments.) |
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Purchase Order |
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A Purchasing document consummating a purchase which acts
as a contract when accepted by the Vendor and states the terms and
conditions of the desired purchase. |
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Sealed Bid |
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A Bid that is submitted in a sealed envelope with
instructions stated in the IFB. There is a date and time deadline for
submission. Envelopes are date and time stamped upon receipt and not
opened until the Bid opening date/time. |
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Sole Source |
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The only known Vendor able to supply an item due to
requirements, market conditions, or proprietary situations. |
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Specifications |
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A description of what the Purchaser seeks to buy, and
what the Bidder must be responsive to in order to be considered for
award of the contract. |
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Vendor |
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Supplier |
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