Offset is a form of countertrade, involving an agreement to purchase a specified amount of product from a particular country. For example, a government may award a tender to a contractor to make tanks for their armed forces, with an offset obligation to place 20% of the contract’s value with suppliers in that country. In order to meet the offset obligation, the contractor must source local suppliers or may need to develop a local supply base. See also Countertrade.
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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.
