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Request for quotation (RFQ)

A negotiation approach whereby the buyer asks for a price quotation from a potential seller/supplier for specific quantities of goods (or services) to specifications the buyer establishes in the request for quotation letter. Also called request for proposal (RFP). Model…

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Request for tender (RFT)

A formal request from an agency asking for offers from potential suppliers to supply clearly defined goods or services or works. Often there are highly technical requirements and a prescriptive solution.

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Rescind

To cancel a contract. A contract may, for example, give one party a right to rescind if the other party fails to perform within a reasonable time.

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Reserve currency

A national currency such as the US dollar, the European euro EUR, or the Swiss franc CHF, used by many countries to settle debit balances in their international accounts. Central banks generally hold a large portion of their monetary reserves…

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Restitution

In law, remedy for a breach of contract by which the parties are restored to their original positions before the contract was made or the breach occurred. Damages are distinguished from restitution in that damages compensate for a party who…

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