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<br />specific time. <br /> <br />Guarantee <br /> <br />A pledge or assurance that something is as <br />represented and will be replaced if it fails <br />to meet the stated specifications. <br /> <br />Informal Bid <br /> <br />Written or verbal quotations for less <br />complex goods and services that do not <br />require a formal bid. Infoffilal bids include <br />unsealed written quotes, verbal quotes and <br />quotes received via fax. <br /> <br />Lowest Responsible Bidder <br /> <br />The bidder submitting the lowest price and <br />capable of performing the proposed <br />con tract. See also "responsi b Ie bidder". <br /> <br />Packing Slip <br /> <br />A document received which itemized m <br />detail the contents of a particular package <br />or shipment. <br /> <br />Partial Payment <br /> <br />Payment authorized in a contract upon <br />delivery of one or more complete units <br />called for under the contract, or upon <br />completion of one or more distinct items of <br />servIce. <br /> <br />Payment Terms <br /> <br />Terms of payment usually specified by the <br />seller. Typical examples include: <br /> <br />Net 30 days: Payment of the entire <br />invoiced amount is to be made within 30 <br />days from the invoice date. <br /> <br />Net loth Prox.: Payment of the entire <br />invoiced amount is to be made by the tenth <br />of the month following the month of the <br />invoice date. <br /> <br />2% IO/Net 30: Payment made within 10 <br />days from the date of invoice may be <br />discounted 2 percent. The invoice becomes <br />overdue 30 days from the invoice date <br /> <br />Prepaymen t <br /> <br />\V11en payment must accompany an order <br />and/or no invoice will be provided by <br />