Best Value for Money definition

Best Value for Money means the optimum combination of whole life costs, quality and benefits to meet the customer’s requirement.

Best Value for Money. ’ means the optimisation of the return on investment in respect of an immovable asset in relation to functional, financial, economic and social return, wherever possible; 10

Best Value for Money. – the most cost effective means of meeting the need and takes account of whole life costs.

Examples of Best Value for Money in a sentence

• The Tender of the Contractor meets the requirements set by EIT Food and said proposal was scored as the offer which is expected to obtain the Best Value for Money.

• The overall objective of procurement in IDLO is the timely acquisition of goods and services in support of IDLO activities in a competitive and transparent manner while ensuring fitness of purpose and the Best Value for Money.

• Carry out, where appropriate, pre-procurement engagement with the market (including talking to suppliers, clients and other stakeholders) to understand the availability, strengths and weaknesses of markets and to develop the specification and the Best Value for Money procurement and contractual approach.

• In general, the UN evaluates all offers based on the principles enshrined in Financial regulation 5.12 including the principle of Best Value for Money, i.e., the ideal combination of technical and financial factors.

• Lowest price is not the sole determinate of Best Value for Money.

More Definitions of Best Value for Money

Best Value for Money means the optimum combination of cost (whole life costs), quality and benefits (including social value) to meet the Council’s requirements.

Best Value for Money means that the evaluation is done according to the best quality/price ratio.

Best Value for Money means the most advantageous balance between performance, price and quality;

Best Value for Money means the optimum combination of cost, quality and benefits to meet CWAG’s requirements.

Best Value for Money means the optimisation of the return on investment

Best Value for Money means the responsive offer that is the best combination of technical specifications, quality and price; and - consistent with section 7.3 (Audit and Access), all financial reports shall be subject to audit by or on behalf of WHO, including examination of supporting documentation and relevant accounting entries in the Contractor's books. In order to facilitate financial reporting and audit, the Contractor shall keep systematic and accurate accounts and records in respect of the work. Unless otherwise specified in the Contract, WHO shall have no obligation to purchase any minimum quantities of goods or services from the Contractor, and WHO shall have no limitation on its right to obtain goods or services of the same kind, quality and quantity as described in the Contract, from any other sources at any time. Unless otherwise specified in the Contract, in the event that the Contract is a Long-Term Agreement (“LTA”), the Contractor shall offer the same prices and terms as those agreed with WHO under the Contract to other interested United Nations system agencies and to organizations eligible to purchase through WHO, it being understood that each such agency and organization will be responsible for independently entering into and administering its own contract with the Contractor. The Contractor shall take into account the additional quantities of services purchased by all United Nations system agencies and other organizations as aforesaid to further reduce the prices for WHO and such other agencies and organizations.

Best Value for Money means in relation to all the Bids received with respect to a proposed Acquisition, the Compliant Bid offering the optimal value balance of efficiency, durability and performance balanced against the cost of the Good or Service concerned, having regard to the Town’s objectives in relation to the Acquisition, and taking into account (to the extent relevant) in relation to each Bid,