Request for Standing Offer (RFSO) definition
Request for Standing Offer (RFSO) means an invitation for providers of a product or service to bid on the right to supply that product or service by way of a standing offer. A standing offer is an offer from a supplier to provide well-defined, readily available goods or services, as and when requested, at prearranged prices or on a prearranged pricing basis, which can be established at the outset, under set terms and conditions, and for a specific period of time.
Request for Standing Offer (RFSO) means a process used to solicit standing offers to provide goods and services on an as-and-when required basis, at firm prices, as per established terms and conditions. It must clearly state the requirement, the evaluation method and selection criteria, the call- up procedures, the ranking methodologies, whenever applicable, to be used for making call-ups against the authorized standing offer(s), and all terms and conditions applicable to the contract that is brought into effect, as a result of any call-up.
Examples of Request for Standing Offer (RFSO) in a sentence
Bidders must be compliant with the requirements of this Request for Standing Offer (RFSO), as indicated in Part III, Bid Selection Process.
Note to Offerors: The following certification requirements apply to this Request for Standing Offer (RFSO).