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Provensa Consulting Ltd

Registered Office:

57 London Road

High Wycombe

Buckinghamshire, HP11 1BS

Company Registration No: 08442876

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Glossary of Terms                  P to R

 

Parent company guarantee 

A parent company guarantee binds the guarantor (the ‘parent company’) to fulfil and complete a subsidiary company’s obligations and liabilities in the event of failure by that subsidiary to fulfil and complete its obligations and liabilities under a contract.

 

Partnering contracts

Contracts in which prices and specifications are not decided until after contracts are let, usually to enable contractors to contribute to design solutions and other aspects of the work (as proposed by the Government’s Construction Task Force, the Egan Committee).

 

PIN 

Pre- Information Notice. A short notice indicating that a call for tenders is planned during the coming three months. The publication of a PIN means that the deadline for submitting the tender from the publication of the call may be shortened.

 

Performance bonds 

Bonds or guarantees given to clients by specialist insurers, on behalf of contractors and at their expense, binding the insurers to compensate clients (up to the amount of the bond obtained) in the event of a default.

 

Preferred supplier list 

A list of organisations preferred by the Contracting Authority to undertake certain works, supplies or services, following a competitive tendering exercise. See also ‘approved list’.

 

Pre qualification questionnaire or ‘PQQ’ 

A questionnaire completed by companies or providers that wish to be considered for a procurement activity or placed on an approved list. The purpose is to assess their general suitability in terms of financial and economic standing, technical capability and experience, quality assurance, health and safety procedures, environmental issues and equalities considerations. See ‘business questionnaire’.

 

Pricing schedules 

List of the requirements that might be required to be performed/supplied under the contract which the tenderer inserts a rate against each item.

 

Private Finance Initiative (PFI) 

A route for procurement where, instead of owning the assets needed for their services, public authorities arrange for private sector bodies (often in the form of consortia) to provide and own them. These bodies then make the assets available under operating leases to enable public authorities to deliver the services required.

 

Procurement

The process of acquiring goods, works and services, covering acquisition from third parties and from in-house providers. The process spans the whole life cycle from identification of needs, through to the end of a services contract or the end of the useful life of an asset.

 

Procurement Card (also Purchasing Card /P Card) 

A payment card issued by a Local Authority to staff that may be used to purchase goods and/or services up to an agreed value from certain suppliers. Although similar in operation, it is not a credit card that can be used anywhere and there is no credit facility. For suppliers typically payment in full will be made direct to their bank accounts usually within three working days.

 

Project definition statement (PDS) 

Early stage of project which identifies the scope and objectives.

 

Purchase order 

See ‘official order’.

 

Quality 

The level of fitness for purpose which is specified for or achieved by any service, work or product.

 

Quality Assurance (QA) 

A discipline to assess quality standards, covering all activities and functions concerned with the attainment of quality.

 

Qualified tender

A tender which is qualified because it does not fully meet the intended contractual requirements. Such tender are not normally acceptable.

 

Quotation 

A written or verbal price given by a contractor, supplier or service provider, after being requested either orally or in writing. A quotation may be the written confirmation of an earlier, oral offer.

 

Restricted procedure 

One of the procedures for procurement under the EU Directives, under which only eligible applicants who meet the client’s criteria are invited to tender in a two-stage procurement process.

 

Risk 

The probability of an unwanted event occurring and its subsequent impact.

 

Risk register 

A document used to record the risks facing a project or programme, usually produced as a table. It should, as a minimum, record a description of each risk, an assessment of its likelihood and impact and the management actions to be taken to minimise the risk, though it can be more sophisticated.

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