General - Procurement Definitions | KartavyaDesk

Original Rule Text

41. "Prospective bidder" means anyone likely or desirous to be a bidder; xxi 42. "Public Private Partnership" means an arrangement between a public entity on one side and a private sector entity on the other for the provision of public assets or public services or both, or a combination thereof, through investments being made or management being undertaken by the private sector entity, for a specified period, where there is predefined allocation of risk between the private sector and the public entity and the private entity receives performance-linked payments that conform (or are benchmarked) to specified and predetermined performance standards, deliverables or Service Level agreements measurable by the public entity or its representative; 43. "Rate contract" (‘framework agreement’) means an agreement between a Central Purchase Organisation or a procuring entity with one or more bidders, valid for a specified period, which sets out terms and conditions under which specific procurements can be made during the term of the agreement and may include an agreement on prices which may be either predetermined or be determined at the stage of actual Procurement through competition or a predefined process allowing their revision without further competition; 44. “Registering authority” is an authority that registers bidders for various procurement categories; 45. "Registered Supplier" means any supplier who is on a list of registered suppliers of the procuring entity or a Central Purchase Organisation; 46. "Reverse auction" (‘Electronic reverse auction’) means an online real-time purchasing technique utilised by the procuring entity to select the successful bid, which involves presentation by bidders of successively more favourable bids during a scheduled period and automatic evaluation of bids; 47. "Scheduled Commercial Bank" means a bank listed in the Second Schedule of the Reserve Bank of India Act, 1934. 48. "Service" means any subject matter of Procurement that has non-tangible outputs, as distinguished from goods or works, except those incidental or consequential to the service, and includes physical, maintenance, professional, intellectual, training, Consultancy and advisory services or any other service classified or declared as such by a procuring entity but does not include the appointment of an individual made under any law, rules, regulations, or order issued in this behalf. It includes ‘Consultancy Services’ and ‘Other (Non-consultancy) Services;’ 49. “Special Conditions of Contract” means Special Conditions that override the General Conditions if and to the extent of the conflict between the two. 50. "Subject Matter Of Procurement" means any object of Procurement, whether in the form of goods, services or works or a combination thereof; 51. ‘Tender Document’ means the document (including all its sections, appendices, forms, formats, etc. and various terms prevalent for such documents) published by the Procuring Entity to invite bids in a Tender Process. The Tender Document and Tender Process may be generically called “Tender" or "Tender Enquiry", which would be evident from context without ambiguity. 52. “Tender Process” is the entire process from the publishing of the Tender Document to the resultant award of the contract. 53. ‘Total Cost of Owning’ - TCO (Life Cycle Costing - LCC, Whole of Life Costing - WOL) encompasses all costs associated with acquiring (including the price paid to the supplier), operating, maintaining, and disposing of a product or service. Essentially, the three terms refer to the cost incurred on a product during its lifetime. However, LCC has evolved beyond that to consider the cost of the impact of the product on the environment and, therefore, is mostly used as a tool in Sustainable Public Procurement. WOL is used mostly

What This Means

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.

Key Points

• •Defines key terms related to government procurement.
• •Ensures a common understanding of procurement terminology.
• •Covers definitions ranging from 'prospective bidder' to 'tender document'.
• •Clarifies the meaning of 'Public Private Partnership' and 'Rate Contract'.
• •Promotes transparency and fairness in the procurement process.

Practical Example

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.

Frequently Asked Questions

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.