RFP
Request for Proposal. A formal solicitation document sent to potential vendors requesting detailed proposals for products or services.
RFQ
Request for Quotation. A document requesting price quotations from vendors for specific goods or services.
RFI
Request for Information. A preliminary document used to gather information about vendor capabilities before issuing an RFP.
TCO
Total Cost of Ownership. The complete cost of acquiring, operating, and maintaining an asset over its useful life.
ROI
Return on Investment. A measure of the profitability of an investment relative to its cost.
Bid Leveling
The process of adjusting vendor bids to account for scope differences, enabling fair comparison.
Bid Tabulation
Organizing bid data from multiple vendors into a structured format for comparison.
Specification
A detailed description of technical requirements, materials, dimensions, or performance criteria for a product.
Or Equal
Contract language allowing substitution of products that meet the same performance requirements as the specified item.
Submittal
Documents submitted by contractors to demonstrate compliance with project specifications.
Change Order
A formal document modifying the original contract scope, price, or timeline.
SOW
Statement of Work. A detailed description of the work to be performed under a contract.
Vendor Scorecard
A structured evaluation tool for rating vendor performance across multiple criteria.
Due Diligence
The process of investigating a vendor's capabilities, financial stability, and references before contract award.
Sole Source
Procurement from a single vendor without competitive bidding, typically justified by unique capabilities.
Competitive Bid
A procurement process where multiple vendors submit proposals, with award based on evaluation criteria.
Award Criteria
The factors and weights used to evaluate and score vendor proposals.
SLA
Service Level Agreement. Contractual commitments to specific performance standards.
SSO
Single Sign-On. Authentication method allowing users to access multiple systems with one login.
SOC 2
Service Organization Control 2. A security compliance framework for service providers.
Put These Terms Into Practice
Use SpecLens to automate specification comparison in your procurement process.