People, Places, Business

Jargon Buster

Jargon Buster – commonly used terms

  • CPRs (Contract Procedure Rules) – the Council’s internal rules for the procurement of goods, services and works
  • CPU – Corporate Procurement Unit
  • e-Auction – on-line auction in which suppliers compete against each other with open bids for the right to provide goods and services to the buyer
  • e-Procurement – business to business purchase or sale of supplies and services online including electronic tendering and e-Auctions
  • EOI (Expression of Interest) - advertisement or letter requesting responses from suitably qualified firms or individuals by a set date
  • EU Legislation – European Union Public Procurement Directives are rules and regulations that public sector organisations must adhere to when buying goods and services
  • ITT (Invitation to Tender) – official document which provides background to your requirement, specification, terms and conditions of the contract
  • MEAT - Most Economically Advantageous Tender
  • Method Statement - document used in a tender process which sets out questions for the suppliers to answer which help understand how you intend to provide the goods or services
  • OJEU (Official Journal of the European Union) – publication in which all public sector contracts valued over a certain threshold must be published
  • PQQ (Pre-Qualification Questionnaire) - issued to companies interested in a particular tender. It assesses suitability and capability prior to the issue of a tender document
  • Procurement - the act of obtaining goods and/or services by purchase, lease or rental
  • Purchasing Cards – a payment card that may be used to purchase goods and/or services up to an agreed value from certain suppliers
  • RFQ (Request for Quotation) - written quotation or bid from an approved or qualified supplier
  • Select List – approved list of companies interested in working as a sub contractor to the Council
  • Sell2Wales – Welsh Government’s website that advertises public sector contracts
  • SME – small or medium sized company
  • Standing Orders – the Council’s own internal procedures for procurement and contracting
  • T’s & C’s (Terms & Conditions) – outlines the legal standing of a contract and covers areas such as breach of contract and early termination
  • Tender - the process of inviting and evaluating bids from suppliers to provide goods or services
  • VFM (Value for Money) – the principle underpinning all public sector purchasing activity
  • Welsh Purchasing Consortium (WPC) – joint buying arrangement for twelve local authorities in the South Wales region
  • Value Wales - provides advice and support on smarter purchasing and procurement to the Welsh Government and the wider Welsh public sector