A predetermined amount of money that one party (usually the contractor or vendor) agrees to pay to the other party (the client or purchaser) in case of a specific breach or failure to meet certain contractual obligations.
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Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and procurement consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.
