|Target cost contract||
Cost reimbursement contract in which a preliminary target cost is estimated and on completion of the work the difference between the target cost and the actual cost is apportioned between the client and the contractor on an agreed basis. (Source: ISO 6707-2 Contract terms).
Strategy that enables secondary procurement policy objectives to be promoted. (Source: CIDB Standard for the Delivery and Maintenance of Infrastructure using a Gateway System)
Work within the scope of a service contract which may be instructed to be carried within a stated period of time. (Source: NEC3 Professional service Contract).
An instruction to carry work within the services in terms of a framework agreement. (Source: Adapted from the NEC3 Professional service Contract).
Document that establishes the tenderer’s obligations in submitting a tender and the employer’s undertakings in administering the tender process and evaluating tender offers. (Source: CIDB Standard for Uniformity in Construction Procurement).
A person or organization that submits a tender offer. (Source: ISO 10845-1: Construction procurement- processes, methods and procedures).
Terms of Reference