The label given to a suite of measures in a contract, which have the effect of defining the level of performance required and create a framework to measure the provider’s actual performance and motivate improved performance. The framework typically has the following elements: the standards in the contract, the metrics used to measure performance, the review mechanisms for feedback and discussion of performance, the incentives and/or sanctions which may motivate better performance, and the termination provisions in the event of sustained poor performance. See also Incentives and Sanctions.« 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.