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CHAPTER 8
Total loss:
Nothing salvageable, that is, completely lost from an insured peril
and the amount recoverable is the insured value.
Trade discount:
A percentage deduction from an established price for goods
(percentage often varying in accordance with volume of transaction),
made by the supplier to others in the distribution chain (stockists,
wholesalers, retailers, etc.). See also Discount and Rebate.
Trademark:
Any sign, symbol, mark, word, or arrangement of words in the form
of a label used by a manufacturer or supplier as identification or
symbol of his particular goods, which no other person can legally use
without his consent. See also Brand name and Proprietary article.
Turnover:
In supply management is the quantity and/or value of stock issued
in a given period, usually one year.
Turnkey contract:
A contract for plant fabrication, its installation and/or commissioning
and/or the associated civil construction.
Two envelope system:
A tendering option for the selection of the most advantageous
tenderer. The tenderers are ordered to submit their tenders/offers
in two separate envelopes, both of them sealed and clearly marked.
The first envelope contains the technical proposal, the second one
the price proposal.
Two stage tendering:
Within this procurement procedure in a first stage tenderers are
asked to present technical and organisational suggestions how best
to implement a specific project. Thereafter the buyer identifies the
concept which is likely to be the most advantageous one. For this
concept tenders are requested from the same group of tenderers
in the usual formal way, including prices, in order to select the
preferred tenderer.
Underwriter:
One who accepts liability by providing insurance.
Value analysis:
A systematic examination and analysis of the cost of each
component or constituent part of a product (including raw materials
used, finish, packaging, etc.) which can be eliminated without
impairing its capacity to satisfy the intended need or use.
Vendor:
The supplier of goods (property or services). See also Supplier.
Variety control:
The selection of the optimum number of sizes, other characteristics
or types of a product required to meet prevailing needs.
Visual inspection:
A term generally used to indicate inspection performed without the
help of measuring and testing instruments or a laboratory.
GLOSSARY