The term ‘validity’ has two meanings for procurement. Validity may refer to the state of being valid or able to be substantiated; on quotations validity can indicate the period of time for which a supplier’s quotation is valid and available for acceptance. For example, a supplier may state that an offer is valid for 30 days from the date of the original offer. Validity can also refer to the sustainability in law of an agreement between two parties. The Courts apply a series of tests to establish whether exchanges between the parties have fulfilled the requirements to create a valid contract. These requirements include offer, acceptance, consideration and the intention to create a legal relationship. See also Request for Quotation.« 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.