Best Value for Money Outcome (BVMO): The outcome that gives the best value for money for the University overall. This does not necessarily mean the lowest price or the result that just delivers the lowest cost for a department or Cost Centre. In many instances the selection of a Supplier or their products should take into account other considerations such as the lowest overall Total Cost of Ownership (TCO) giving due consideration the total cost to the University whilst we own the products and covers other factors not exclusive to purchase price. These factors can include the cost of sourcing, procuring and paying for the products, the estimated cost of parts and on-going maintenance charges, installation and de-installation costs. TCO should also consider inputs to the manufacture and maintenance of a product such as energy, water, paper, toner, chemicals, software etc., and, importantly, the cost of environmentally responsible disposal at end of life. Contractor Threshold Value: The level (i.e. monetary value) prescribed by the University whereby a University Buyer seeking to engage the services of a contractor or consultant must issue an RFT or RFP seeking at least three competitive Bids from Suppliers for the proposed supply of services. Direct Invoice: An invoice processed by the University without there being an initiating Purchase Order Issued by the University (Buyer). Direct invoices are allowed for a limited and select group of goods and/or services where on-going supply is provided on a regular basis and are normally covered by an overarching contract or agreement. All other invoices require a reference to a Purchase Order in order to finalise settlement with a Supplier. Environmentally responsible procurement (issues): Environmental issues cover all environmental impacts of products and services from cradle to grave including: reducing the amount of products purchased; minimising energy, water and materials; recycled, recyclable, biodegradable and reusable components; minimal packaging, maintenance, waste, emissions, chemicals and transportation; and environmentally responsible disposal. Purchase Order: A formal document initiated by a Buyer and forwarded to a Supplier normally used to form the basis of a one-off contract between the parties for the supply of Goods and/or services to the Buyer. Probity Auditor: An auditor, appointed to review the deliberations of a Tender Panel to ensure that all processes are conducted in a transparent, honest, fair and competitive manner Procurement Board: The Board of management established by Monash University to promote and oversee best practice in the processes used by the University to procure goods and services in order to achieve value for the University’s expenditure. The Procurement Board will normally receive, for approval, the recommendations from a Tender Panel on the awarding of a Tender where the value of the Tender exceeds a prescribed threshold value. Quotation: A submission from a Supplier that specifies the cost of supplying a good or service. RFQ: Request for Quotation RFT: Request for Tender RFP: Request for Proposal RFI: Request for Information EOI: Expression of Interest Tender: A competitive process, initiated by an RFQ, RFT or RFP, used to seek bids from a Supplier with the aim of eventually acquiring goods/services for a Buyer. Socially responsible procurement (issues): Social issues cover all social impacts of products and services including: health, safety, human rights, ethical production processes, social justice, Fair Trade, diversity, access, and purchasing locally and domestically made products. University: means Monash University or related entities that are bound by the University’s regulations or can acquire goods / services under the University’s contracts and agreements with Suppliers. | 
