The First Stage in a Procurement Process Whereby the Buyer

question 23

Multiple Choice

The first stage in a procurement process whereby the buyer communicates its needs to potential suppliers, who will then submit tenders based on the requirements, is called:

• A) procurement ignition
• B) request for proposal
• C) procurement proposition
• D) procurement first notification
• E) request for quotations

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Definitions:

Oral Modification

An agreement to change the terms of a contract using spoken words rather than written documentation.

Unconscionable

A term describing a contract or practice that is unjust or extremely one-sided in favor of the party who has the superior bargaining power.

Definition

A precise explanation of the meaning of a word or phrase, often distinguishing it from similar concepts.

Merchant

A person or company involved in wholesale trade, especially one dealing with foreign countries or supplying goods to a particular trade.