a process of issuing a public bid with the intent that companies will put together their best proposal and compete for a specific project.

none of the parties to the bidding process is a government agency.

the party requesting bids is a government agency.

It establishes the contract bidding rules by the U.S.

a company that manufactures, distributes, or supplies products and services to another company

a company that purchases products and services from another company

It describes the product or service you want, and these specifications are used to identify and hire someone to build for your company.

Detailed instructions about the products or services requested through the bid request. All contract terms should be included in the bid request.

It is the process of searching for, negotiating, and purchasing goods and/or services from suppliers.

It is an agreement between you or your business and the clients or customers you serve a service.

an agreement where the seller transfers or agrees to transfer the property in goods to the buyer for a price.

It allows the provider to be paid a small amount at the time of signing that gets applied to future balances.

A public official authorized to attest to the authenticity of signatures.

This clause prevents a service provider from soliciting or hiring their client's employees.

This clause prevents a service provider from using inside information to compete in their client's industry or market.

This clause prevents a service provider from sharing any sensitive, private, or proprietary information about their client.

procure-to-pay (P2P) process.

promote good labour and environmental standards in supply chains

Ethical Business Practices in Purchasing and Supply Chain Management

when the vendor has failed to abide by the terms of the contract.

without any instances that trigger a cause.

When vendors are in financial difficulties and do not want to be tied to a contract.

legally ending the contract before both parties have fulfilled their obligations under the terms of the contract.

may occur when a party to a valid contract has failed to fulfill their side of the agreement.

Compensatory damages are awarded in an attempt to put the innocent party in the position they would have been in if the contract had been performed.

It is intended to put the innocent party in the position they were in before they entered into the contract.

If monetary damages are insufficient to compensate the innocent party, then the court might order specific performance.

If it is impossible for one or both parties to fulfill their obligations, the contract can be terminated.

is a portion of a contract that explains the rights of the parties to terminate, or cancel, their contract.

The contract runs its course, and the contract is performed

The parties agree to end the contract by agreement, with another contract

the underlying circumstances of contract change, which material alter the performance requirements of the contract