Term | Description or Explanation of Term |
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Consultant
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Can be an individual or a company that is engaged to provide expert advice or recommendations to the University to assist in decision making or taking a course of action.
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Contractor
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Can be an individual or a company who performs tasks to achieve a result.
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Free into Store (FIS)
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Free delivery to the University.
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Purchase Requisition (PR)
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Each School/Division/Centre has been issued with a purchase requisition book to process either a request to purchase goods and services or pay invoices that are received. Purchase requisitions must be signed by a Budget Centre Manager, who authorises the availability of funds, and this is then forwarded
to the Division of Finance for processing. It should be noted that purchase requisitions should not be quoted or forwarded directly to suppliers as they are only an INTERNAL document. The books and numbers are based on campus location eg RB121212 - Requisition Bathurst Unique Number
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Purchase Order (PO)
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Upon the receipt of a signed & authorised purchase requisition, the staff within the Division of Finance enter the information into Banner Finance. The system then produces a unique purchase order number for each order eg P0123456.
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Preferred Supplier
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A supplier that has been selected and endorsed through a formal process (eg RFP) to provide goods & services.
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Sole Supplier
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A vendor that provides unique goods and services that are not available from other vendors.
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Request for Information (RFI)
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A process to collect written information about the capabilities of various suppliers to make a decision on what steps to take next.
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Request for Quotation (RFQ)
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A process to invite suppliers to bid on specific good or service. It often includes a list of specifications to ensure all suppliers are bidding on the same goods & services. For example, Canon camera.
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Request for Proposal (RFP)
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A process to invite suppliers to submit a proposal for a specific good or service which allows the purchaser ability to negotiate on pricing and services provided. The key objectives is to obtain the correct information to improve the business decision and purchasing power to obtain the best deal.
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Request for Tender (RFT)
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A structured invitation to suppliers for supply of goods or services. It is usually an open invitation to suppliers to respond to a defined requirement, but can also seek information about the suitability of the company. |