Haider Ali (6295)AssignmentEPM

Request for Proposal (RFP) Businesses and government agencies issue Requests for Proposal when in need of services or equipment from other businesses. Published in trade journals, newspapers or in online databases, RFP's may also be sent directly to businesses, consultants or nonprofit organizations deemed capable to cater to provide specific services or equipment listed based on a prior working relationship or reputation within an industry. A Request for Quotation (RFQ) is a standard business process whose purpose is to invite suppliers into a bidding process to bid on specific products or services. RFQ, generally means the same thing as IFB (Invitation For Bid). An RFQ typically involves more than the price per item. An Invitation for Bid (IFB) or invitation to bid (ITB) is an invitation to contractors or equipment suppliers, through a bidding process, to submit a proposal on a specific project to be realized or product or service to be furnished. IFB is generally the same thing as Request for Quotation (RFQ). Terms of Reference (TOR) describe the purpose and structure of a project, committee, meeting, negotiation, or any similar collection of people who have agreed to work together to accomplish a shared goal. The terms of reference of a project are often referred to as the project charter. A Letter of Intent (LOI) is a document outlining the general plans of an agreement between two or more parties before a legal agreement is finalized. A letter of intent is not a contract and cannot be legally enforced; however, it signifies a serious commitment from one involved party to another. A Letter of Support (LOS) is a letter from a partner organization, major donor, grant maker, congressional representative, or other key stakeholder that details a compelling and persuasive reason why a grant funder should support your grant application or proposal. It describes how the partner will support the project (as applicable), conveys enthusiasm for the project, and lends credibility to your work. It is often submitted with a proposal or application for grant funds. BOO (build, own, operate) is a public-private partnership (PPP) project model in which a private organization builds, owns and operates some facility or structure with some degree of encouragement from the government. Although the government doesn't provide direct funding in this model, it may offer other financial incentives such as tax-exempt status. The developer owns and operates the facility independently. Buildoperatetransfer (BOT) or buildownoperatetransfer (BOOT) is a form of project financing, wherein a private entity receives a concession from the private or public sector to finance, design, construct, and operate a facility stated in the concession contract. A Bill of Materials (BOM) or Product Structure is a list of the raw materials, sub-assemblies, intermediate assemblies, sub-components, parts and the quantities of each needed to manufacture an end product. Liquidated damages (also referred to as liquidated and ascertained damages) are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance). An act of God is a legal term for events outside human control, such as sudden natural disasters, for which no one can be held responsible.

Cost, Insurance and Freight( CIF) is a trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination, and provide the buyer with the documents necessary to obtain the goods from the carrier. Letter of Credit is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase.