Concept / Term · Foundational

Procurement

The buying process

What does Procurement mean?

The formal process an organisation follows to select and contract suppliers. In the public sector it is heavily regulated.

Keep exploring

B2B / B2C / B2B2CBusiness to business, business to consumer, or reaching consumers through another business. Each implies a very different sales motion and product.
RFP / RFI / ITTFormal procurement documents. An RFI gathers information, an RFP or ITT invites priced proposals against a specification.
PQQ / SQThe first stage of many UK tenders, screening suppliers on financial standing, insurance, policies and experience before they may bid.
Framework AgreementAn agreement letting public bodies buy from approved suppliers without running a full tender each time. Getting onto one is often the real prize.
FTSThe UK government service where higher-value public-sector contract notices are published, post-Brexit successor to OJEU.
SOWThe document defining exactly what will be delivered, by when, to what standard and for how much. Where scope disputes are won or lost.
MSAThe overarching contract setting the standing terms between two parties, so individual pieces of work only need a short SOW.
NDAA confidentiality agreement, usually signed before commercially sensitive discussions.