Term contract definition

Term contract means contracts established by the chief procurement officer for specific supplies, services, or information technology for a specified time and for which it is mandatory that all governmental bodies procure their requirements during its term. As provided in the solicitation, if a public procurement unit is offered the same supplies, services, or information technology at a price that is at least ten percent less than the term contract price, it may purchase from the vendor offering the lower price after first offering the vendor holding the term contract the option to meet the lower price. The solicitation used to establish the term contract must specify contract terms applicable to a purchase from the vendor offering the lower price. If the vendor holding the term contract meets the lower price, then the governmental body shall purchase from the contract vendor. All decisions to purchase from the vendor offering the lower price must be documented by the procurement officer in sufficient detail to satisfy the requirements of an external audit. A term contract may be a multi‑term contract as provided in Section 11‑35‑2030.

Term contract means a contract with an indefinite quantity to furnish goods during a specific period.

Term contract means a contract for goods or services in which a source or sources of supply are established for a specified period of time at an agreed upon price or prices.

Examples of Term contract in a sentence

• Customers shall use a Request for Quote per section 287.056(2), Florida Statutes, when making purchases off of this State Term Contract.

• To provide Customers with a State Term Contract (STC) for information technology staff augmentation services, pursuant to the terms set forth in this Scope of Work.

• However, if an extended pricing plan offered in the State Term Contract is selected by the Customer, the Contract terms on pricing plans shall govern the maximum duration of purchase orders reflecting such pricing plans.

• Contractors are required to accept purchase orders specifying delivery schedules exceeding the contracted schedule even when such extended delivery will occur after expiration of the State Term Contract.

• Ordering offices shall not renew a purchase order issued pursuant to a State Term Contract if the underlying contract expires prior to the effective date of the renewal.

More Definitions of Term contract

Term contract means a Contract with a mechanism which allows the Buyer to place repeat orders for the delivery of Goods over a defined period of time.

Term contract means a price agreement in which a source of supply is established for a specified period of time for specified deliverables, usually characterized by an estimated or definite minimum quantity, with the possibility of additional requirements beyond the minimum, all at a predetermined unit price;

Term contract means an award made by a State contracting agency in which a source of supply for a product or service is established for a specific period of time. A term contract is generally applied when a State contracting agency:

Term contract means the agreement reached when the state accepts a bid or proposal to furnish supplies, materials, equipment or contractual services at a stated price for a specific period of time in response to an invitation to bid;

Term contract means indefinite quantity contract whereby a contractor(s) agrees to furnish an item or items during a prescribed period of time (such as 3, 6, 9, 12 months or a specific date). The specified period of time or date completes such contract.

Term contract means a contract in which supplies or services are purchased at a predetermined unit price for a specific period of time."

Term contract means a contract established by the Procurement Officer or Buyers for a specific product or service for a specified time and for which it is mandatory that the District procure its requirements for such goods and services during the contract’s term. If the District is offered goods and services at a price that is ten percent less than the term contract price for the same goods and services, it may purchase from the vendor offering the lower price after first offering the vendor holding the term contract the option to meet the lower price. If the vendor holding the term contract meets the lower price, then the District must purchase from the contract vendor. A term contract may be a multi-term contract as provided in III.E.3.