Aggregation

Alan Holland

Aggregation refers to an approach to procurement where the procuring party looks to aggregate goods and services (perhaps collaborating with other parties) so as to seek a better price given the ensuing economies of scale.

Algorithm

Alan Holland

A step by step mathematical process.

Artificial Intelligence

Alan Holland

The study and design of intelligence agents (within the broader field of computer science).

Auction

Alan Holland

An auction is a process for buying goods and services where bids are required.

Award

Alan Holland

On the completion of a successful tender an award is made to the winning supplier.

Bid

Alan Holland

A bid is a price offered by a participant in an auction.

Bid-Rigging

Alan Holland

It is a fraudulent form of bidding where a number of parties collude by agreeing on a winner (rather than letting the market determine the winner). Other parties may enter bids in an attempt to create the illusion of a competitive bid when it is anything but.

Bidding

Alan Holland

Entering prices and discounts into a system.

Call off

Alan Holland

Individual contracts can be awarded within the context of a framework agreement.

Cartel

Alan Holland

It is an explicit agreement amongst firms that would otherwise be in competition. It typically occurs in market structures where duopolies or oligopolies are prevalent.