Section 60: Interpretation.

In this Act:
"Accounting officer" means the person charged with line supervision of the conduct of all procurement processes;
"Approving authority" means the person charged with overall responsibility for the functioning of a ministry, extra-ministerial department or corporation;
"Assets" includes tangible and intangible things which have been or may be sold or procured for consideration;
"Bid security" means a form of security assuring the bidder shall not withdraw a bid within the period specified for acceptance and shall execute a written contract within the time specified in the bid;
"Debar" means the placing of a firm company or natural person on a list of person ineligible to participate in any procurement proceedings under this Act;
"Certificate of No Objection" means the document evidencing and authenticating that due process and the letters of this Act have been followed in the conduct of a procurement proceeding and allowing for the procuring entity to enter into contract or effect payments to contractors or suppliers from the Treasury;
"Contract" means an agreement entered in writing;
"Contractor or supplier" means any potential party to a procurement contract with the procuring entity and includes any corporation, partnership, individual, sole proprietor, joint stock company, joint venture or any other legal entity through which business is conducted;
"Excessive price" means a monetary value proposed by a bidder for any procurement which is in the estimation of the Bureau unreasonable and injudicious after consideration of the actual value of the item in question plus all reasonable
imputations of cost and profit;
"Goods" means objects of every kind and description including raw materials, products and equipment and objects in solid, liquid or gaseous form and electricity as well as services incidental to the supply of the goods;
"Interim Performance Certificates" means evidence that a contractor or supplier as performed its obligations under a procurement contract up to a level stipulated by the contractor but not meaning completion;
"International Competitive Bidding" means the solicitation of bids from both domestic and foreign contractors and suppliers;
"Lowest evaluated responsive bid" is the lowest price bid amongst the bids that meets all the technical requirements and standards as contained in the tender document.
"Margin Of Preference" means the extra mark up on price allowed any domestic contractor or supplier bidding under International Competitive Bidding without being otherwise disadvantageous to the bid in terms of price;
"Minor Value" means a monetary value which is not in excess of the monetary thresholds set for any approving authority by the Bureau;
"Monetary Threshold" means the value limit in Naira set by the Bureau outside of which an approving authority may not award a procurement contract;
"National Competitive Bidding" means the solicitation of bids from domestic contractors and suppliers registered or incorporated to carry on business under Nigeria Law;
"Negotiation" means discussions to determine the terms and conditions of a contract or procurement;
"Open Competitive Bidding" means the offer of prices by individuals or firms competing for a contract, privilege or right to supply specified goods, works, construction or services;
"Procurement" means acquisition;
"Procurement proceedings" means the initiation of the process of effecting a procurement up to award of a procurement contract;
"Procuring entity" means any public body engaged in procurement and includes a Ministry, Extra-Ministerial office, government agency, parastatal and corporation;
"Public Procurement" means the acquisition by any means of goods, works or services by the government;
"Relevant authority" includes Economic and Financial Crimes Commission and Independent Corrupt Practices Commission;
"Services" means the rendering by a contractor or supplier of his time and effort and includes any object of procurement other than goods, works or construction;
"Solicitation Documents" means the bid solicitation documents or any other documents for solicitation of offers proposals or quotations;
"Special Purpose Goods" means any objects of armaments ammunition mechanical electrical equipment or other thing as may be determined by the President needed by the Armed Forces or Police Force as well as the services incidental to the supply of the objects;
"Substantially Responsive" means the response to bid solicitations which virtually answers to all the needs of a procuring entity as stipulated in the bid solicitation documents;
"Supplier" means a real or legal person that provides supply of goods, contracting of works or consultants;
"Threshold" refers only to the approving and not the actual process of ward;
'Validity Period' means the period during which a bidder agrees not to increase the cost of its bid or to remove any components of the bid;
"Works" means all works associated with the construction, reconstruction, demolition, repair or renovation of a building, structure or works, such as site preparation, excavation, erection, building, installation of equipment or materials, decoration and finishing, as well as services incidental to construction such as drilling, mapping, satellite photography, seismic investigation and similar services
provided pursuant to the procurement of contract, where the value of those services does not exceed that of the construction itself.