What is a Standing Offer?
Unlike a contract, a standing offer is a proposition from a supplier to provide a product/service at an agreed-upon price, in accordance with set terms and
Standing offers help agencies procure products and services by reducing complexity, cost, and time requirements. Additionally, standing offers improve
operational efficiency by reducing administrative and inventory costs. Standing offers are also used to establish a firm and consistent price for
Standing offers are used to efficiently meet recurring procurement needs, or when a variety of goods are needed but the quantity is unknown.