Posted on 06-01-2010 at 08:30
Following on from the previous glossary I have added some further definitions which may help you with Tender, Bid and PQQ writing. There is a wide variety of phrases and acronyms that you will come across and they are constantly changing but here are some of the more common ones
A
ABC - Authorities Buying Consortium-The largest non-profit making purchasing agency in Scotland, serving the buying needs of the public sector, charities and voluntary organisations.
Accelerated, Restricted or Negotiated Procedure-For high-value public sector contracts – the length of time of the tender or procurement response process may be shortened to accommodate special circumstances and/or emergencies.
Accreditation External recognition that you meet certain standards. This can be general (for example, your quality assurance system if you have one), or specific to a particular activity such as aspects of health care.
Added Value Features and benefits that you offer which exceed the specification for the contract.
Added Value Services-Often referring to additional services ‘over and above’ the basic contract specification. Added Value Services may be driven as a direct result of the basic contract specifications and may be either free or chargeable.
Aggregation-Adding together the value of separate contracts for the same supply contract, works or service
Appraisal -A detailed assessment of the general capacity of a contractor, supplier or service provider to meet certain pre-determined criteria or standards.
Approved List-A list of approved suppliers, contractors or service providers who have been pre-selected (usually through a tendering process) and from whom goods and services must be procured.
Award-The issue of an order or contract to a supplier as a result of a competitive tendering/bidding process.
B
BAFO – Best and Final Offer-The detailed and fully priced offer submitted by a respondent for a contract, which represents their lowest price.
Benchmarking-A process of continuously measuring and comparing an organisation's processes against comparable organisations to gain information to help performance improvement e.g. ‘best-in-class’ achievement.
Best Practice / Good Practice-Proven and documented working practices that provide optimum operational performance within a specific business environment e.g. ‘best in field’.
Bid A formal proposal to supply goods or services at a specified price, usually describing how the contract requirements will be met.
BME or BAME -Black and Minority Ethnic or Black Asian and Minority Ethnic (EMB means Ethnic Minority Business)
BQS - Better Quality Services -The guidance for central government departments on the creation of public/private partnerships through market testing and contracting out.
BV - Best Value -The Government’s alternative to the old Compulsory Competitive Tendering (CCT) system. The principles make clear that the duty of best value applies to all local authority services. The framework to put it into effect should promote local accountability and continuous improvement in service performance.
Business Case A document setting out the information a manager needs before deciding whether to support a proposed project, before significant resources are committed to its development. The core of the business case is an assessment of the costs and benefits of proceeding with a project.
C
Call Off Contract-A contract made following a formal tendering process with one or more contractors, suppliers or service providers for a defined range of works, goods or services covering terms and conditions (including price) which users ‘call off’ to meet their requirements.
CBC - Central Buying Consortium -The Central Buying Consortium is the largest local authority purchasing consortium in the UK. It has seventeen local authority members and represents most of the major authorities from the midlands to the south-east, outside London.
Charitable • In England and Wales, charitable purposes are defined as being: • The relief of financial hardship • The advancement of education • The advancement of religion • Certain other purposes for the benefit of the community.
Co-Financing Organisation A public sector intermediary body approved to act on behalf of a government office.
Competitive Contract Addendum-Notification showing changes, amendments or cancellation of a published Competitive Contract Notice.
Competitive Dialogue-A variation of the negotiated process, now available under new European Union Rules, that allows different options to be discussed before a particular solution is selected. It can be used in complex contracts where technical solutions are difficult to define or where the buyer needs the best solution to be developed.
Consortium for Purchasing and Distribution – CPD-A national procurement and fulfilment business focussed on meeting the needs of its many customers in the Education, Training and Social Care Sectors. They are leaders in the school supplies market and are very strong in the South West of England & Wales.
Constructionline-For public sector contracts in construction – the UK's register of local and national construction and construction-related contractors and consultants www.constructionline.co.uk. The subscription involves pre-qualifying and so is used by many public sector buyers to select suitably qualified (local) suppliers.
Contract A binding agreement to perform a certain service or provide a certain product in exchange for valuable consideration, usually money.
Contract Documents-Documents incorporated in the enforceable agreement between a public sector body and a contractor, including contract conditions, specification, pricing document, form of tender and the successful tenderers responses (including method statements), and other relevant documents expressed to be contract documents (such as correspondence, etc.)
Contract Notice A notice published in OJEU, announcing a public sector organisations intention to let a contract for specific goods or services, and explaining the type of procurement process to be used.
Contract Notice Award or Competitive Contract Notice Award-Published details of the company(s) which have been awarded a public sector contract subject to Competitive Contract Notice (see above).
Contract Notice Opportunities-These are formal calls for competition for public sector contracts and are classified by procedure type: Open Procedure / Restricted procedure / Negotiated Procedure
Contracting Party The leading organisations that have entered into contractual obligations. If you have a contract with a public sector organisation and you have sub-contracted some of the work to others, you are the contracting party, the sub-contractors are not. Contractor Someone (a person or entity) who enters into a binding agreement to perform a certain service or provide a certain product in exchange for valuable consideration, usually money. Costs The money spent on resources to deliver the service. e-Auction A tendering process where bidders go online and bid against each other live to offer the lowest price. Bidders will already have submitted technical details of their offer and will only be allowed to bid a price if their offer has met all the requirements.
Core competencies-What an organisation does well – its key business – as opposed to other products or services that it can or could offer.
Corporate Governance-An organisation’s system of rules, procedures etc used to manage and fulfil its legal, financial and ethical obligations.
Corporate Social Responsibility – CSR-The Government sees CSR as the business contribution to our sustainable development goals. Essentially, it is about how business takes account of its economic, social and environmental impacts in the way it operates – maximising the benefits and minimising the downsides.
Cost Plus-The method of payment for contracts for which tenderers quote a lump sum or % addition (margin) to their costs.
CPV - Common Procurement Vocabulary (Codes) -Codes used throughout the European Union to generically describe products or services. The use of CPV codes by public sector purchasers to define their requirements in a Contract Notice is mandatory. CPV codes can also be used in Non-OJEU Contract Notices as a means of classifying expenditure.
CRE - Commission for Racial Equality -Set up under the 1976 Race Relations Act, it receives a grant from the Department for Communities and Local Government, but works independently of government, to remove discrimination and help racial harmony.
Culture-An organisation’s management, ethics, style and values.
D
Daily Rates-The method of payment for contracts for which tenderers quote rates per chargeable day.
Dayworks-The method of payment for contracts for which tenderers quote rates per attendance hour.
DBFM (design, build, finance and manage)-A contract (as used for the PFI) in which the service provider is responsible for all four aspects of the provision and management of a service.
DBFO (design, build, finance and operate)-A contract (as used for the PFI) in which the service provider is responsible for all four aspects of the provision and operation of an asset.
DE - Defence Estates -Responsible for the properties and lands owned by the MOD.
Debriefs-Giving positive, constructive feedback to competing suppliers on their performance at certain stages of the procurement process. It affords an opportunity for a supplier to improve performance in the future. In public sector procurement, a debrief is a legal obligation from the public body. There is no such obligation in private sector procurement.
DECS - Defence Electronic Commerce Service -Ministry of Defence and Capgemini committed to a ten year Public Private Partnership (PPP) for the provision of e-commerce and e-business services, which are made available to the Defence community via DECS.
Default-A breach of a contract condition, e.g. a delay in the promised delivery.
Deliverables-A collective name for the tangible goods and/or services that the supplier or contractor is required to supply under agreement.
DELTA - Direct Electronic Links for Tender Administration-BiP’s modular internet based electronic tendering suite of applications, DELTA is in daily use across much of the UK public sector. It is based on the EU Procurement Directives and best practice in public sector procurement, providing open competition and transparency and reducing discrimination through simple, user-driven processes.
Diversity-Promoting equality and diversity is a duty the entire UK government take very seriously, and is a responsibility shared by all government departments.
E
Eastern Shires Purchasing Organisation – ESPO-A joint Committee of Local Authorities which operates within the Local Government (Goods & Services) Act 1970. It acts as a purchasing agent for its member authorities and other customers and provides a professional cost effective procurement and supply service.
Efficiency • Getting more out of your resources, could be doing: • More with the same resources • More with fewer resources • The same with fewer resources
Electronic Tendering Online – ELTON-A system to issue tenders electronically and allow companies to submit bids and proposals via email.
Empowerment-Giving employees the necessary skills, knowledge, information and authority to enable them to produce the specified outputs in the most effective and efficient way.
e-Procurement/e-Tendering-The Office of Government Commerce (OGC) defines e-Procurement as "The term used to describe the use of electronic methods in every stage of the purchasing process from identification of requirement through to payment, and potentially to contract management." OGC specifically identifies that electronic enablement of the purchasing process can include e-Sourcing, e-Procurement and e-Payment (including e-Invoicing).
Equal opportunities-The practice of ensuring that all employees and users of services receive fair and equal treatment. Also see Diversity.
Equality Equality is about making sure people are treated fairly and given fair chances. Equality is not about treating everyone in the same way, but it recognises that their needs are met in different ways.
Estimate-A genuine and realistic price that represents an estimate for defined works, goods or services, as required by EU rules or standing orders for the purposes of determining the procurement process and ensuring adequate budget provision. This should not be confused with an estimate from a contractor, supplier or service provided for a defined piece of work.
E-Tendering Electronic system used to view and submit tenders. Public sector organisations use e-tendering systems, usually the same system such as the North East Purchasing Organisation (NEPO).
EU Rules-The Public Contract Regulations 2006.
European Union Regulations (EU Regs) There are rules and regulations set by the European Union with regard to procurement for public sector organisations – these rules and regulations are set to protect suppliers and must always be followed by all public sector organisations. Evaluation The process of assessing each bidders tender so as to be able to select the best option suitable to the requirements of the contract.
Evaluation-Detailed assessment and comparison of contractor, supplier or service provider offers, against financial and quality criteria.
External Customers-The external customers of the organisation e.g. your customer’s customers.
F
Feedback Discussion with a pubic sector organisation to find the reasons for success or failure of a tender so as to learn how to respond effectively in future.
Firm Price-A price which is not subject to variation
Framework Agreement An arrangement where a purchaser selects suppliers and fixes terms and prices for a period in advance (often 3 years), and then calls on the suppliers to deliver as and when required. There is never a guarantee of work even if you are part of a framework agreement.
Framework Agreement-A formal agreement with selected (or short-listed) suppliers. The purpose is to establish the terms of contract – in particular with regard to price and quantity. In other words, a framework agreement is a general term for agreements with a number of suppliers which set out terms and conditions under which specific purchases (call-offs) can be made throughout the term of the agreement.
Freedom of Information Act-The act creates a general right of access, on request, to information held by public authorities (Schedule 1 of the act sets out a long list of the authorities covered by the act). However, there are numerous exemptions. Some of these are absolute; some are qualified, which means the public authority has to decide whether the public interest in disclosing the relevant information outweighs the public interest in maintaining the exemption. An applicant for information who considers that a request has been wrongly rejected may apply to the Information Commissioner, who has the power to order disclosure. However, such orders can be appealed to a specialist tribunal (the Information Tribunal) and in some circumstances the Government has the power to override orders of the Information Commissioner.Any person can request information under the act; this includes legal entities such as companies. There is no special format for a request. Applicants do not need to mention the act when making a request. Applicants do not have to give a reason for their request.
Full Cost Recovery Covering all the costs of providing a service, including a suitable proportion of overhead costs. Grant Money provided by a public sector organisation to support a particular activity. Grants do not cover the entire cost of the activity. There will usually be conditions attached to the grant but it is important to understand a grant is NOT a Contract.
I
IEO - Initial Expression of Interest-High value public sector contracts are advertised via OJEU and usually start with asking parties interested in bidding to write and express their interest in bidding. This is different to a Periodic Indicative Notice (or Prior Information Notice). See also PIN.
IIP - Investors in People -The Investors in People Standard is a recognised (audited) standard showing the use of the IIP business improvement tool designed to advance an organisation's performance through its people.
Innovation-Genuinely new ideas for products, services, processes, systems and social interactions – typically giving benefits to the contract.
Intellectual Capital-The value of an organisation that is not shown in its traditional financial accounts – the intangible assets of an organisation and is the difference between market and book value e.g. know-how, people, structure etc.
Invitation to Tender (ITT) A formal communication from a public sector organisation to a supplier inviting it to submit a tender.
The ITT will usually also include a specification for the contract, instructions for submitting the tender, and the terms and conditions, which will govern the contract once it is active.
ISO - International Standards Organisation-An international standard-setting body composed of representatives from various national standards bodies producing world-wide industrial and commercial standards.
J
Joint Ventures – JV-A formal or informal partnership created to achieve a specific aim – typically to win a tender or PFI, PPP etc.
L
Letter of Acceptance- letter that creates an immediate binding contractual relationship between the Council and the successful tenderer prior to entering into a formal contract.
Letter of Intent.-A letter informing a successful tenderer that it is the Council’s intention to enter into a contract with them in the future but creates no liability in regard to that future contract.
Liquidated and ascertained damages-A genuine pre-estimate of the loss that the Authority will suffer if the contractor defaults when performing the contract. This may form the basis of deductions from payments, which will be calculated according to the specific circumstance relating to each type of contract.
Local Multiplier 3 (LM3) Local multiplier 3 (often just referred to as LM3), is a benchmarking tool public sector organisations can use to measure the impact of their spend within the local economy. LM3 can be used within all businesses and organisations as a benchmarking tool. Lot Some contracts are divided into a number of parcels of work (called ‘lots’) and suppliers are invited to state whether they are bidding for the whole contract or just parts of it. Most Economical Advantageous Tender (MEAT) – in terms of elements such as price, delivery, date, quality, technical support and technical merit.
M
Market Testing-The process of comparing the efficiency of in-house (or incumbent) services against tenders from outside companies
Master Vendor-The primary supplier who will manage the project using a range of sub-contractors or sub-suppliers and who is accountable to the end client for the overall performance of the contract.
Materials, Buildings and Equipment-Physical items in all their forms including stocks of raw materials and finished products, material in progress and fixed assets.
MEAT - Most Economically Advantageous Tender –The optimum combination of whole life costs and benefits assessed against pre-determined evaluation award criteria which will normally be detailed in the Invitation to Tender (ITT) or equivalent documentation.
Method Statement-The document used in a tender process which sets out questions for the suppliers to answer which helps the purchaser or procurement officer to understand how the goods or services will be delivered.
MIS - Management Information System-The mechanism for measuring and reporting information relevant to the management of service delivery; typically information that assists both the supplier and customer.
Mission Statement-A short statement that describes the purpose of an organisation, why it exists and its aims. Also see Vision.
MSP – Managed Service Provider
N
NAO - National Audit Office -Its role is to audit the financial statements of all government departments and agencies, and many other public bodies. They report on how well the expenditure of public money achieves value for money (VFM) and improvements in the delivery of public services.
NDA – Non-Disclosure Agreement-A non-disclosure agreement (NDA), also known as a confidentiality agreement, confidential disclosure agreement (CDA), proprietary information agreement (PIA), or secrecy agreement, is a legal contract between at least two parties that outlines confidential materials or knowledge the parties wish to share with one another for certain purposes, but wish to restrict access to. It is a contract through which the parties agree not to disclose information covered by the agreement. An NDA creates a confidential relationship between the parties to protect any type of confidential and proprietary information or a trade secret. As such, an NDA protects non-public business information. NDAs are commonly signed when two companies or individuals are considering doing business and need to understand the processes used in each other’s business for the purpose of evaluating the potential business relationship. NDAs can be "mutual", meaning both parties are restricted in their use of the materials provided, or they can restrict the use of material by a single party.In rare cases, the contract may state that the existence of the NDA itself cannot be disclosed.
Negotiated Procedure-For high-value public sector contracts (see OJEU) – only chosen suppliers are invited to negotiate for a contract(s). This has limited use only e.g. extreme urgency, failure of open/restricted procedures or repeat of similar contract.
NSV - National Supplier Vocabulary (Codes) –CPV numbers have been specially developed by the European Union for public procurement. Their main purpose is to provide a standardised vocabulary to help procurement personnel properly classify their contract notices (in the Official Journal of the European Union – OJEU) and to aid suppliers find the notices which are of interest to them.
NUTS - Nomenclature of Statistical Territorial Units-A hierarchical classification of administrative areas, used across the European Union for statistical purposes e.g. Northern Ireland is one of 12 “NUTS 1” areas in the UK.
O
Official Journal of the European Union (formerly OJEC) – OJEU
The publication in which all high-value public sector contracts in the EU must be advertised. (Also see TED)
Official Order-A pre-printed form, which incorporates the Council’s terms and conditions of purchase, used to place an order with a supplier
OGCbuying.solutions – OGCbs
The Government's leading procurement services organisation for the UK; it is a non-profit Executive Agency of the Office of Government Commerce in the Treasury.
OJEU (Official Journal of the European Union) The Official Journal of the European Union, where all contract notices must be published for tenders that fall within the European procurement laws.
Overheads The indirect costs incurred in running a business. These include rent and rates, marketing and publicity, administrative and financial costs.
Open Procedure-For high-value public sector contracts (see OJEU) – suppliers can apply without prior selection ie going through a Pre-Qualification Questionnaire (see PQQ). The EU Directives lay down the type of criteria which can be used to eliminate unqualified or unsuitable supplier
P
Parent Company Guarantee-A parent company guarantee binds the guarantor (the ‘parent company’) to fulfil and complete a subsidiary company’s obligations and liabilities in the event of a failure by that subsidiary to fulfil and complete its obligations and liabilities under a contract
Partnership A cooperative relationship between people or groups who agree to share responsibility for achieving some specific goal.
Partnerships-A working relationship between two or more parties either creating added value for the customer or as a means to win contracts that individually they may not be successful with. Partners can include suppliers, distributors, joint ventures, and alliances. Note: Suppliers may not always be recognised as formal partners. (Also see Joint Ventures.)
Performance Bonds-Bonds or guarantees given to clients by specialist insurers, on behalf of contractors and at their expense, binding the insurers to compensate clients (up to the amount of the bond obtained) in the event of a default.
Performance Delivery of goods or services, judged against the standard specified in a contract.
Periodic Indicative Notice, Prior Information Notice – PIN-An advance warning of a public sector contract to be tendered at some time in the future. The issue of a PIN does not guarantee that a contract will be placed. This is different to an Initial Expression of Interest (See also IEO).
PFI - Private Finance Initiative-A form of partnership between the private and public sector which is normally used for high risk/high value contracts, principally to raise money for higher value projects.
PIN – Prior Indicative Notice-Used in OJEU to indicate a buyer’s intention of going to tender on a proposed contract in the near future. Use of a PIN allows a buyer to use a shorter timeframe for the actual tender notice.
PPP - Public Private Partnership-Very similar to a PFI arrangement, but the aim is centred more on service delivery than finance.
Preferred Suppliers List-A list of organisations preferred by public sector bodies to undertake certain works, supplies or services, following a competitive tendering exercise.
Pre-Qualification Questionnaire (PQQ) A questionnaire used by public sector organisations to check the suitability of suppliers and shortlist the ones to be invited to tender.
Prior Information Notice (PIN) This gives advance notice that a contract may be advertised at some point – perhaps later in the year.
Procurement Card Like a credit or debit card, but for organisations rather than individuals. It allows purchasers to order and pay for goods and services in the same way.
Procurement The process of acquiring goods, works and services, covering acquisition from third parties and from in-house providers. The process spans the whole life cycle from identification of needs, through to the end of a services contract or the end of the useful life of an asset.
Procurement The process of buying goods and services.
PSA – Preferred Supplier Agreement-An arrangement between a corporation and supplier in which, in return for discounts or other advantages, the corporation requires its employees to source goods and services directly from that supplier only.
PSL – Preferred Supplier List-A list of suppliers maintained by an organisation from whom they will procure goods and services and which excludes all suppliers that are not on that list. Placing on the list will normally be as a result of completing a tender process.
Public Sector Organisation A public sector organisation provides or manages public sector services for government.
Purchasing The buying of goods and services.
Q
Quality Fitness for purpose when judged against the standards specified in the contract.
Quotation A less formal written offer to supply goods or services, with the supplier offering the price. This is often used when considering lower value public sector procurement.
Quality Assurance (QA)
A discipline to assess quality standards, covering all activities and functions concerned with the attainment of quality.
R
Request for Tender Same as invitation to tender.
Resources -People, equipment, facilities, funding, or anything else required for the completion of an activity.
RFI - Request for Information -An alternative term for PQQ.
RFP - Request for Proposal -A formal request for a proposal – can range from a simple proposal to a complex tender.
RFQ - Request for Quotation -Similar to RFP (above).
Restricted Procedure-For high-value public sector contracts (see OJEU) – suppliers are selected by an open first-round invitation eg a PQQ (see Pre-qualification Questionnaire). Any prospective supplier can apply to be included in the restricted list for the contract. Those suppliers who then meet the required criteria or ‘qualify’ will then be invited to tender. NB This is the most common type of tender for high-value contracts.
S
Selection Criteria The factors that a public sector organisation will take into account when deciding which tender to accept. Usually some factors will count for more than others.
Service Level Agreement (SLA) Like a contract, but often less formal, and not normally binding in law. Often used between 2 public sector organisations, or between 2 different departments of the same public sector organisation. A local authority may have SLA’s set up by the computer department to provide computers and maintenance to all other departments within the whole authority.
Specification A description of the essential technical requirements for goods or services to be delivered under a contract, including the method for checking that the requirements have been met. Value for Money Public sector organisations strive to achieve ‘value for money’ and this is not necessarily the lowest price.
Schedule of Rates-Lists of jobs, like those in bills of quantities except that they contain no quantities. Rates may be inserted by tenderers, or by clients. In the latter case, tenderers specify their overall percentages on or off these rates.
Shortlist-A list of suitable prospective suppliers that has been drawn up through a preliminary evaluation exercise for a particular contract or procurement activity
SMEs - Small and Medium-sized Enterprises
Official term – SME’s are firms that employ less than 250 people and have a turn over of less than €50m.
Society of Procurement Officers in Local Government – SOPO-With over 2,500 members, SOPO engages in a range of activities to promote its strategic purchasing, contracting and supplies functions. It is also a platform to share best practice and influence the national agenda on how "Best Value" is to be achieved.
Specification-A description of requirements and standards to which the goods, works or services should conform. Also known as a statement of needs, a statement of requirement, an operational requirement, or a brief. Its purpose is to present prospective suppliers with a clear, accurate and full description of the organisation’s needs, to enable them to propose a solution to meet them.
Stage Payments-An agreed percentage or part of the contract price, which is payable when specified stages of completion/delivery have been reached.
Stakeholders-Individuals, groups or organisations that are affected by and/or have an interest in a particular issue or organisation eg customers, partners, employees, shareholders, owners, government, and regulators.
Standstill Period-Once the buyer has announced who it intends to award the contract to, a “standstill peiod will follow. This is when suppliers can ask for feedback on the award decision and also challenge the decision if they wish to.
Storyboard-A technique for outlining the contents of each section of a tender response, bid or proposal. There are several organisations, such as Sant, Concurrence and Pragmatech, who provide software specifically for the purpose of producing tender responses quickly and effectively.
Sub-contracting-The process where a contractor assigns part of the contract to another contractor(s)
Supplier Engagement-In simple terms, working with suppliers to achieve mutual goals – as opposed to ‘them and us’.
Supply2.gov-The website for accessing low-value public sector contracts www.supply2.gov.uk. You can register for free and get free notification of opportunities in your local area for your business (if you want to get notifications outside of your local area or detailed alerts, you need to pay to upgrade).
Supply Chain-The flow of resources into and out of the enterprise's collective operations eg an IT supply chain is the flow of resources into and out of its IT operations. The chain can be said to start with the suppliers of your suppliers and ends with the customers of your customer.
Sustainable Development-A widely-used and accepted international definition is: development which meets the needs of the present without compromising the ability of future generations to meet their own needs' e.g. the environmental and social impact of today’s actions that may affect the ability of future generations.
Sustainable Procurement-The application of sustainable development principles to procurement (see above).
T
Tender / Tendering-A formalised process of bidding for work or contracts. See ITT.
Tenders Electronic Daily – TED-The official website for EC tender information http://ted.europa.eu and publishes the Official Journal of the European Union (see OJEU).
Tier 1 Supplier-An organisation at the top of the supply chain providing goods or service directly to the end client – also known as the Main Contractor.
Transfer of Undertakings (Protection of Employment) – TUPE-These regulations are designed to protect the rights of employees in a transfer situation e.g. when there is a change in supplier (often when contracts are tendered) or when a facility is first outsourced. This enables affected employees to enjoy continuity of employment keeping the same terms and conditions. TUPE 2006 entirely replaces the Transfer of Undertakings (Protection of Employment) Regulations 1981 (SI 1981/1794) which have often been referred to as the TUPE regulations.
V
Values-Represent the beliefs within an organisation and are demonstrated through the day-to-day behaviours of its employees.
Value for Money-The provision of the right goods and services from the right source, of the right quality, at the right time, delivered to the right place and at the right price (judged on whole life costs and not simply initial costs)
Vision
A statement describing how an organisation wishes to be in the future.
Whole Life Costs-The systematic consideration of all relevant costs and revenues associated with the acquisition and ownership of an asset.
Works or Programme of Works-Definition of the tasks and elements to be supplied under (usually) a construction or building services contract.
