SOLE SOURCE Meaning and
Definition
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Sole source is a term used to describe a procurement method where a specific product or service is available exclusively from one vendor or supplier. In this context, sole refers to the fact that there is only one source, and source refers to the vendor or supplier that provides the product or service.
When an organization or government agency determines that a certain product or service is only available from a single source, it may opt for a sole source procurement method. This method is typically used when there are no comparable alternatives to the product or service in question, or when it is not feasible or practical to consider other options.
In a sole source procurement, the buyer may negotiate directly with the exclusive vendor or supplier to establish terms and conditions for the purchase. This can include aspects like pricing, delivery schedule, warranty, or any other relevant factors.
However, it is important to note that sole source procurement methods are often subject to strict regulations and oversight. They are typically closely monitored to ensure transparency and prevent potential abuse or favoritism. Public organizations, in particular, may have specific guidelines in place to ensure fair competition and minimize the use of sole source procurement whenever possible.
Overall, sole source refers to a situation in which a product or service is only available from a single vendor or supplier, leading to the use of a specific procurement method to acquire it.
Common Misspellings for SOLE SOURCE
- aole source
- zole source
- xole source
- dole source
- eole source
- wole source
- sile source
- skle source
- slle source
- sple source
- s0le source
- s9le source
- soke source
- sope source
- sooe source
- solw source
- sols source
- sold source
- solr source
- sol4 source
Etymology of SOLE SOURCE
The word "sole source" has its origins in the English language and is composed of two separate words: "sole" and "source".
1. "Sole": This word comes from the Old French term "soul" or "soule", meaning "only" or "single". It can also be related to the Latin word "solus", which has a similar meaning.
2. "Source": From the Old French term "sourche" or "sorce", which ultimately comes from the Latin word "sors", meaning "origin" or "fountainhead".
When combined, "sole source" refers to a single or exclusive origin, supplier, or provider of a product or service. It is commonly used in the context of procurement or acquisitions to describe a situation where there is only one available vendor or supplier for a particular item.
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