Value for Money definition

Value for Money means best returns for each rupee spent in terms of quality, timeliness, reliability, after sales service, up-grade ability, price, source, and the combination of whole-life cost and quality to meet SNDB’s requirements.

Value for Money means procuring at the optimum combination of whole-life cost and quality to meet requirements.

Value for Money means best returns for each rupee spent in terms of quality, timeliness, reliability, after sales service, up-gradeability, price, source, and the combination of whole-life cost and quality to meet the procuring agency’s requirements.

Examples of Value for Money in a sentence

• In order to secure Value for Money, the authority may enter into collaborative procurement arrangements.

• The Authority may terminate this Framework Agreement by serving notice on the Supplier in writing with effect from the date specified in such notice if the Supplier refuses or fails to comply with its obligations as set out in Paragraph 2 (Benchmarking) of Schedule 7 (Value for Money) of this Framework Agreement.

• The Authority may terminate this Framework Agreement by serving notice on the Supplier in writing with effect from the date specified in such notice if the Supplier refuses or fails to comply with its obligations as set out in paragraph 2 of Framework Schedule 7 (Value for Money).

• Value for Money (VFM) is maximised when there is an optimum balance between economy, efficiency and effectiveness.

• The use of e-procurement technology does not negate the requirement to comply with all elements of these contract procurement rules, particularly those relating to competition and Value for Money.

More Definitions of Value for Money

Value for Money means the best available outcome for money spent in terms of the procuring agency's needs. The test of value for money requires relevant comparison of the whole of life costs and benefits relating directly to the procurement. "Whole of life costs and benefits" include fitness for purpose and other considerations of quality, performance, price, delivery, accessories and consumables, service support and disposal.

Value for Money means that the undertaking of a public function of the contracting authority by a private party under a public private partnership results in a net benefit accruing to that contracting authority defined in terms of cost, price, quality, quantity, timeliness or risk transfer.

Value for Money means that the public private partnership agreement results in a net benefit, to the public entity or users, defined in terms of cost, price, quality, quantity or risk transfer or a combination of cost, price, quality, quantity or risk transfer.

Value for Money means that the provision of the institutional function or the use of state property by a private party in terms of the PPP agreement results in a net benefit to the institution defined in terms of cost, price, quality, quantity, risk transfer or a combination thereof.

Value for Money means that the provision of the institutional function by a private party in terms of the public-private partnership agreement results in a net benefit to the institution, defined in terms of cost, price, quality, quantity, or risk transfer, or a combination thereof.

Value for Money means securing the optimum combination of cost, quality and effectiveness, including relevant Social Value criteria over the whole period of use; it does not mean minimising upfront prices

Value for Money means the optimum combination of whole life cost and quality (or fitness for purpose) to meet the Council’s requirements.