{"id":2485,"date":"2019-05-22T18:04:42","date_gmt":"2019-05-22T08:04:42","guid":{"rendered":"https:\/\/comprara.com.au\/procurement-glossary\/offer\/"},"modified":"2020-06-19T00:45:10","modified_gmt":"2020-06-19T00:45:10","slug":"offer","status":"publish","type":"glossary","link":"https:\/\/www.comprara.com.au\/procurement-glossary\/offer\/","title":{"rendered":"Offer"},"content":{"rendered":"<p>In a legal context an offer is &lsquo;an expression of willingness to <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Contract&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;A contract can be written or verbal. It is an agreement between two or more parties to perform specific acts and is enforceable by law. The six prerequisites for a legally binding contract under Australian Law are: agreement (offer and acceptance); consideration (the payment of a sum of money etc.); capacity (being of legal age and sound mind to enter legal relations); intention (the parties to the contract intend to enter legal relations); formalities (representation in writing) and certainty. See also Terms and Conditions.Contract Management Essentials and Advanced Contract Management training is available at Academy of Procurement.&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/contract\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>contract<\/a> on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed&rsquo;.  Typically suppliers make offers in the form of bids, quotations or tenders, which may then be accepted by the <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Buyer&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;The label &#x2018;buyer&#x2019; is used generically to describe the organisational role of someone whose job involves acquiring goods and\/or services on behalf of others.  The term is commonly used to describe retail buyers, whose role is often broad with an emphasis on the entrepreneurial ability to see opportunities and specify what is purchased for subsequent resale.  Organisational buyers typically have job titles such as purchasing, procurement, sourcing or category manager and typically acquire goods and services for consumption within their own organisation, not for resale.&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/buyer\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>buyer<\/a>.  The offer defines the terms upon which the <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Supplier&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Supplier is one term used to describe external organisations that deliver services or goods to a buyer.  Other terms in common use include vendor, service provider and contractor.  In some contexts the word &#x2018;supplier&#x2019; denotes a company that supplies materials, while the word &#x2018;contractor&#x2019; is used for providers of services.&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/supplier\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>supplier<\/a> is willing to be bound, which normally include <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Price&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Price is the monetary sum exchanged for goods and services.  Price levels are an outcome of competitive processes, such as the levels of supply and demand in the market.  In procurement, most buyers are measured on the &#x2018;hard dollar&#x2019; savings that they make, and so have a keen interest in optimising price.  Most total cost models demonstrate that purchase price, while not the only component of total cost, is a key part of the total cost of most categories, and so procurement practitioners will focus on price as one procurement goal. The definition of &#x2018;best value&#x2019; in most categories includes both quantitative and qualitative elements, such as quality, service and performance times, as well as price and other commercial terms.  Like total cost, best value is a difficult concept to measure and validate accurately, as price is easier to measure and an important component of both value and total cost, price remains an important focus for most procurement processes.  See also Competition. .&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/price\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>price<\/a>, date of <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Delivery&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;The process of delivering goods or services.  Supply chain management is concerned with the flow of materials and services, including delivery to the ultimate customer, as well as the associated flows of money and information.  The &#x2018;last kilometre&#x2019; is often seen as a key challenge, as delivery to a dispersed customer base is a greater challenge than delivery to points or nodes in the supply chain such as warehouses.&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/delivery\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>delivery<\/a>, payment terms and a description of the <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Category&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;A grouping of related goods or services based on similar characteristics.  For example, packaging as a category may include a variety of different goods and materials, all of which share a common purpose.  Each category may be further divided into sub-categories based on physical characteristics, such as plastic packaging, or cardboard packaging.  Categories are often part of a hierarchy of classification, sometimes called taxonomy, though one of the most widely used, the UNSPSC does not use the term category.  See also UNSPSC.&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/category\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>category<\/a>.  One of the essential prerequisites for the formation of a <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Contract&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;A contract can be written or verbal. It is an agreement between two or more parties to perform specific acts and is enforceable by law. The six prerequisites for a legally binding contract under Australian Law are: agreement (offer and acceptance); consideration (the payment of a sum of money etc.); capacity (being of legal age and sound mind to enter legal relations); intention (the parties to the contract intend to enter legal relations); formalities (representation in writing) and certainty. See also Terms and Conditions.Contract Management Essentials and Advanced Contract Management training is available at Academy of Procurement.&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/contract\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>contract<\/a> is the existence of an offer.  See also <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Contract&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;A contract can be written or verbal. It is an agreement between two or more parties to perform specific acts and is enforceable by law. The six prerequisites for a legally binding contract under Australian Law are: agreement (offer and acceptance); consideration (the payment of a sum of money etc.); capacity (being of legal age and sound mind to enter legal relations); intention (the parties to the contract intend to enter legal relations); formalities (representation in writing) and certainty. See also Terms and Conditions.Contract Management Essentials and Advanced Contract Management training is available at Academy of Procurement.&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/contract\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>Contract<\/a> and <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Counter Offer&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;A counter offer is a conditional response to an offer made by the other party in a negotiation. If the seller offers to sell at a price of $100, and the buyer responds with &#x2018;I will offer you $90!&#x2019;, that is a counter offer.  Legally, a counter offer destroys the original offer, so the buyer may subsequently say &#x2018;OK, I will accept the offer of $100&#x2019;, but the original offer is no longer capable of acceptance and the buyer&#x2019;s comments are themselves an offer which the seller may choose to accept.  See also Acceptance.&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/counter-offer\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>Counter Offer<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a legal context an offer is \u2018an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed\u2019. Typically suppliers make offers in the form of bids, quotations or&#8230; <br \/><a style=\"color:#00b4cd;\" class=\"excerpt-anchor\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/offer\/\">Read more<\/a>.<\/p>\n","protected":false},"author":2,"featured_media":0,"menu_order":0,"template":"","meta":{"_acf_changed":false,"_uag_custom_page_level_css":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Offer - Comprara<\/title>\n<meta name=\"description\" content=\"Offer\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/offer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Offer - Comprara\" \/>\n<meta property=\"og:description\" content=\"Offer\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.comprara.com.au\/procurement-glossary\/offer\/\" \/>\n<meta property=\"og:site_name\" content=\"Comprara\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Comprara\/\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-19T00:45:10+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@Comprara\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.comprara.com.au\/procurement-glossary\/offer\/\",\"url\":\"https:\/\/www.comprara.com.au\/procurement-glossary\/offer\/\",\"name\":\"Offer - 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