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The aim of the process is to ensure a portfolio of best-in-class suppliers is available for use. [2] Supplier evaluation can also be applied to current suppliers in order to measure and monitor their performance for the purposes of ensuring contract compliance, reducing costs, mitigating risk and driving continuous improvement .
A Performance work statement (or PWS) is used to summarize the work that needs to be done for a contract (e.g., with the U.S. Department of Defense). A PWS usually requires a scope, applicable documents, performance requirements/tasks, and contractor quality assurance for acquisition.
The incentivized performance measures aim to motivate the supplier to implement enhanced practices that offer improved performance and cost effective. This stands in contrast to the conventional transaction-based strategy, where payment is related to completion of milestones and project deliverables.
Supplier relationship management (SRM) is the systematic, enterprise-wide assessment of suppliers' strengths, performance and capabilities with respect to overall business strategy, determination of what activities to engage in with different suppliers, and planning and execution of all interactions with suppliers, in a coordinated fashion across the relationship life cycle, to maximize the ...
Best value procurement (BVP) is a procurement method that looks at factors other than only price, such as quality and expertise, when selecting vendors or contractors. [1] [2] [3] In a best value system, the value of procured goods or services can be simply described as a comparison of costs and benefits. A contractor or vendor is thus selected ...
At common law, substantial performance is an alternative principle to the perfect tender rule.It allows a court to imply a term that allows a partial or substantially similar performance to stand in for the performance specified in the contract.