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KEY DEFINITIONS
Back Charge : Cost of corrective action by purchaser and chargeable to the supplier under
terms of the contract.
pink team looks at the outline through the perspective of the buyer. The purpose of the
team is to catch problems with the proposal in the early stages.
Price Forecast: Based on information gathered and analyzed about demand and
supply. This forecast provides a prediction of short and long term prices and the underlying
reasons for those trends.
Privity of Contract : The legal relationship that exist between the parties to a contract that
allows either party to enforce contractual rights against the other party and seek remedy
directly from the other party.
Red Team Review: Once the proposal is in draft form, it passes through a red team which
again looks at the proposal through the buyers perspective.
Reformation: A judicial remedy by which a court interprets the contract so as to express
the real intention of the parties (this is different from changes to the contract).
Request for Proposal: A type of bid document used to solicit proposals from prospective
sellers of products or services. In some application areas, it may have a more specific
meaning. (appropriate for high dollar, non-standard items).