A legal term, quid pro quo means ‘something for something’, or an exchange of benefits. One of the prerequisites for the creation of a contract is consideration, which is the exchange of something of value for something else of value. In most procurement situations, the supplier exchanges their services or goods for a sum of money, and the exchange of value fulfils the requirements for a bilateral contract. When bargaining, the exchange of two different negotiable variables is described as ‘knock-for-knock’ or quid pro quo. See also Consideration and Contract, Bilateral.
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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.
