SCM Chapter 5 selected

Benchmarking

Comparing what you do to other businesses that do it best and implementing changes to improve

Buy American Act

US government purchases and third party purchases using federal funds must buy US made products. It can be waived if the US good is more than a certain cost above the imported good

Green purchases

Variety of federal, state, and local statutes require environmental and human health considerations when making purchases

bid bond

a debt secured by a bidder for the purpose of providing a guarantee that the successful bidder will accept the contract once awarded. If not, the bond would be forfeited.

Performance bond

a debt secured by a bidder for the purpose of providing a guarantee that the work will be on time and meet specifications

payment bond

a debt secured by a bidder for the purpose of providing protection against 3rd party liens not fulfilled by bidder

import merchants

a person or company engaged in the purchase and sale of imported commodities for profit

import brokers

agents licensed by the governmental regulatory authority to conduct business on behalf of importers, for a service fee

trading companies

buy products in one country and sell them in different countries where they have their own distribution network .

Small business set aside

purchases between $3,500 and $150,000 are set aside for small business as defined by the north American Industry Classification System.

federal acquisition streamlining act

removed restrictions on bids less than $150,000. Micro purchases (less than $3,500) can be made without bidding