Glossary of purchasing terms

Glossary of Purchasing Terms
Advanced Technology Clause An affirmation clause required on all Automated Information Systems (AIS) products. Approved Products List (APL) A list of products that have been approved prior to the bidding process that meet a defined specification. Referred to as a qualified products list. Assignments The legal transfer of a right or property. Award The act of accepting a bid, thereby forming a contract between the state and a bidder. Automated Term Contract A contract by which orders can be processed by the CPA computer system when the agency provides the required coded information on the Contract Purchase Requisition. Eliminates the need for the agency to describe items on the requisition. Best Interests of the State Most advantageous to the state in light of all relevant circumstances. Bid An offer to contract with the State submitted in response to a bid invitation issued by the CPA or an issuing entity. Bid Deposit A deposit required of bidders to protect the state in the event a low bidder attempts to withdraw its bid or otherwise fails to enter into a contract with the state. Acceptable forms of bid deposits are limited to: cashier's check, certified check, or irrevocable letter of credit issued by a financial institution subject to the laws of Texas; a surety or blanket bond from a company chartered or authorized to do business in Texas and United States Treasury listed; a United States Treasury Bond; or certificate of deposit. Bid Sample A sample required to be furnished as part of a bid, for evaluating the quality of the product offered. Bid Tabulation The recording of bids and bidding data for purposes of bid evaluation and record keeping. Bidder An individual or entity that submits a bid. The term includes anyone acting on behalf of the individual or other entity that submits a bid, such as agents, employees, and representatives. Bidder Affirmation Clauses Bidder affirms by signature on the Invitation for Bid (IFB) compliance