A procurement process used to assess whether suppliers have the financial capacity, technical capability, experience, certifications, and other qualifications needed to perform a contract before they are invited to bid. Prequalification typically involves evaluating criteria such as financial stability, past performance, safety record, quality management systems, and regulatory compliance. By determining supplier capability in advance, contracting authorities can limit competition to qualified vendors, reduce procurement risk, and streamline the tender process. Prequalification is commonly used for complex, high-value, or specialist procurements and may establish a list of approved suppliers for one or multiple future opportunities.
Prequalification
Assessing suppliers' capability, finances, and experience before inviting them to bid, to limit competition to qualified vendors and reduce risk.
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Related Glossary Terms
The official compilation of permanent U.S. federal laws, providing the statutory basis for many contracting requirements.
A global classification system used to categorize products and services for procurement and spend analysis.
A unique 12-character identifier assigned via SAM.gov to organizations doing business with the federal government, replacing the DUNS number.
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