Aggregation

September 5, 2013

Aggregation refers to an approach to procurement where the procuring party looks to aggregate goods and services (perhaps collaborating with other parties) so as to seek a better...

Artificial Intelligence

August 24, 2017

John McCarthy of Stanford answered this in detail and we provide a summary of questions and answers that help define what is meant by artificial intelligence. Q. What...

Auction

September 6, 2013

An auction is a process for buying goods and services where bids are required.

Award

September 6, 2013

On the completion of a successful tender an award is made to the winning supplier.

Bid

September 6, 2013

A bid is a price offered by a participant in an auction.

Bid-Rigging

September 6, 2013

It is a fraudulent form of bidding where a number of parties collude by agreeing on a winner (rather than letting the market determine the winner). Other parties...

Call off

September 6, 2013

Individual contracts can be awarded within the context of a framework agreement.

Cartel

September 6, 2013

It is an explicit agreement amongst firms that would otherwise be in competition. It typically occurs in market structures where duopolies or oligopolies are prevalent.