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Back Order
Items ordered but not shipped due to a stock out or
some other reasons. This is used as a measure of supplier
performance and customer service
Bar Code
These are machine readable codes showing a pattern of
alternating parallel bars and spaces, representing numbers
and other characters. The major advantages of using bar
coding technology in receiving and stores operations are
the reduction in error rate and improved entry speed
besides count accuracy
Bar Coding
Bar codes are machine readable codes (seen as cluster
of straight lines) that are stuck on the packages/
products for easy identification and computerized record
keeping. Bar coding is a process that involves sticking
bar codes where required. It is mostly used in Inventory
control.
BID
A bid is an offer ,usually in a sealed cover by a
seller to a purchaser. It is considered to have legal
sanctity. Usually, there is a time frame fixed for
submission as well as opening of the bid. A bid can be
Single part, in which all the Techno-commercial terms and
conditions as well as the price are listed in one cover,
Two part, in which the Techno-commercial part and the
price part are kept in separate cover and not opened at
the same time, Three part, in which Technical, commercial
and price part are submitted separately.
Bid Analysis
A comparison of the strengths and weaknesses of the
various offers received in a competitive bidding process
Bid Bond
Also known as Bid security , it's monetary document
submitted by a tender along with the bid. Bid bond's
provision is made in order to ward off unserious bids as
in case the bidder refuses to accept the order later the
bid bond is forfeited by the purchaser
Bid opening
It's an occasion determined by a specific day and time on
which the bids received from the vendors are opened.
Usually, the bids are opened in the presence of bidders,
purchase executives and others who might be related to the
purchase case
Bilateral Contract
A contract in which both of the contracting parties made
promises to each other. Usually, such a contract is formed
when an offer is considered and accepted by the purchaser
or offeree
Bill of Exchange
A document drawn by the seller on the buyer, instructing
the buyer to pay the amount of the purchase under
specified circumstances.
Bill of Lading
A carrier's contract and receipt for goods it agrees to
transport from one place to another and to deliver to a
designated recipient (consignee). There are numerous types
of bills of lading:
1. A clean (clear) Bill of lading or a carrier receipted
bill of lading is provided when a shipment is deemed to be
in good condition and contains no exceptions
2.An Export bill of lading is issued by an inland carrier
to contract for the movement of goods from from an
interior point of origin to a port for the ultimate
movement to a foreign destination
3. A foul Bill of lading is a document where the master of
the vessel has taken exception and stated that the goods
were received in damaged condition and / or the shipment
was incomplete
4. An ocean bill of lading is issued by an ocean carrier
for marine transport of goods
5.An order Bill of lading is consigned to the order of a
third party, usually the shipper or a bank, whose
endorsement is required to transfer the title to the
goods. This negotiable instrument of title must be
surrendered to the carrier before the goods will be
released.
6. A short form bill of lading is a deviation from the
straight bill of lading in that it only refers to the
contract terms but does not include them
7. A straight bill of lading consigned directly to the
consignee and therefore is not negotiable. Accordingly ,
the goods will usually be delivered by the carrier without
surrender of this type of bill of lading. A delivery
receipt is used at the destination
8.A through bill of lading is issued by a shipping company
or its agent, covering more than one mode of
transportation or two or more carriers in a through
movement.
Bill of Materials
BOM or B/M is a list containing the quantity and
description of all materials required to produce one unit
of a finished product. A bill of material is an essential
element in using a material requirement planning (MRP)
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