244 / 252
232
CHAPTER 8
Short list:
A list of names and addresses of potential tenderers drawn up
by a buyer to whom invitations to tender may be sent. Usually
the elaboration of a short list is the objective of a prequalification
procedure. See also Registration of interest and Prequalification.
Sourcing:
Act of searching for suitable sources of supply: See also Market
analysis.
Specification:
A statement of a set of requirements to be satisfied by a product,
material or process indicating, whenever appropriate, the procedures
by means of which it may be determined whether the requirements
given are satisfied. It will generally include physical, chemical and/or
metallurgical properties of a product and/or its design characteristics
and/or performance standards. It may also include terminology,
testing and test methods, packaging, marking and/or labelling
requirements. See also Technical specification.
Spot purchase:
Act of purchasing in the spot market (that is at prices ruling on the
purchase date) for prompt delivery, in contrast to forward purchase
made now for future delivery at futures prices. See also Commodity
exchange and Future.
Standard:
The result of a particular standardisation effort approved by a
recognised authority. It may take the form of (a) a document
containing a set of conditions to be fulfilled, (b) a fundamental
unity; or (c) an object for physical comparison. See also Mandatory
standard and Standardisation.
Standardisation:
The process of defining and selecting through an agreement
characteristics of products, testing and measuring methods,
specification of characteristics of products for defining their quality,
regulation of variety, interchangeability, etc.. Many countries have set
up national standards organisations setting out, for a large number
of products, the essential requirements which a product should
measure up to. The International Organisation for Standardisation
(ISO) has been laying down standards for acceptance and adoption
of these by member countries. In a tender invitation or enquiry a
reference to a national standard or an international standard (or
that of any other country) is usually sufficient for suppliers to know
precisely what the buyer’s requirements are. Standardisation is
also used in the sense of variety control, i.e., reducing the number
of types of products within a definite range to that number which
is adequate to meet prevailing needs at a given time. See also
Standard and Variety control.
Standing order:
See Blanket order.
GLOSSARY