Most contracts in procurement are bilateral, or synallagmatic, contracts, where each party makes promises to the other. When both parties promise to do something, or refrain from doing something that they were not previously legally obligated to do, this leads to mutual consideration, a prerequisite for contract formation. For example, most buyers promise to pay if the seller performs the contract, i.e. each party makes a different promise to the other. See also Consideration.« Back to Glossary Index
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 consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.