Glossary
Procurement terms, in plain English.
RFQ
Request for quotation. An invitation to suppliers to submit prices for a defined set of items.
Landed cost
The full cost of an item delivered to you, including goods, delivery, and installation, not just the headline price.
Competitive bid
A sourcing event where multiple suppliers quote against the same request, in open competition.
Counter
A buyer's response to a quote asking the supplier to improve their price or terms.
Award
The decision to give a supplier the order, in full or split across suppliers line by line.
Purchase order
A formal, approved order issued to a supplier to buy specific goods at agreed prices.
Audit trail
A complete record of who did what and when, across a procurement process.