WBE-HUB Glossary

Award: The decision in the form of a letter of intent to accept the proposal of the lowest responsible bidder for the work, subject to the approval and execution of a satisfactory contract issued to the WBE/MBE business.

Bid: A company's summary and submittal of the cost to the client which will include the necessary charges including freight, set ups, consulting, installation if required and time estimated to complete the work, including labor and materials.

Bidder: Any individual, firm, partnership, or corporation submitting a proposal for the work contemplated, acting directly or through a duly authorized representative.

Contract: The written agreement between the entity and the contractor setting forth the obligations of the parties, including but not limited to the performance of the work, the furnishing of labor and materials, and the basis of payment. The contract includes the invitation for bid, proposal, letter of award, contract form and contract bond, Specifications, Supplemental Specifications, Special Provisions, general and detailed plans, and any Agreements required to complete the work in an acceptable manner and time frame.

Contract Bond: The approved form of security furnished by the contractor and his/her surety as a guaranty that the contractor will execute the work according to the terms of the contract.

Contract Time: The number of working days or calendar days or combination allowed for completion of the contract, including authorized time extensions. When a calendar date of completion is shown in the proposal, the contract shall be completed on or before that date.

Contractor: The individual, firm, partnership, joint venture, or corporation contracting for performance of prescribed work.

DBE: This is a federal designation that stands for Disadvantaged Business Enterprises and is comprised of women-owned firms WBE and minority MBE (African-American and Hispanic) that are certified by the required agencies in a designated geographic area. Companies are certified after they prove at least 51 percent ownership by a person categorized as female, African-American, Hispanic or other prescribed allowable disadvantaged group.

HUBZone: Historically Underutilized Business zone.

Invitation for Bids: The advertisement for proposals for all work or materials on which bids are required. Such advertisement will indicate with reasonable accuracy the quantity and location of the work to be done or the character and quantity of the material to be furnished and the time and place of the opening of proposals. Also referred to as a Request for Proposal, or RFP.

Letting: To give an opportunity to a contractor by way of a contract especially after a bidding process.

MBE: Similar to DBE, Minority Business Enterprise, or MBE, is a designation specifically for firms whose majority owner (at least 51 percent) is Woman, African American or Hispanic.

Progressive Industries, Inc: One of the nation's leading WBE/HUBZone distributors of industrial, commercial and medical supplies and equipment.

Proposal: The offer of a bidder, on the prescribed form, to perform product or work and to furnish the delivery of product and/or labor and materials at the prices quoted.

Proposal Guaranty: The security furnished with a bid to guarantee the bidder will enter into the contract if the bid is accepted.

Specifications: The body of directions, provisions, and requirements contained in the contract, or in any supplement adopted by the entity, together with written agreements and all documents of any description made or to be made pertaining to the method or manner of performing and paying for the work, the quantities, and the quality of materials to be furnished under the contract.

Subcontractor: An individual, firm, partnership, or corporation who, with the written consent of the Engineer, assumes obligation for performing specified work required in the scope of the contract.

Surety: The corporation, partnership, or individual, other than the Contractor, executing the Contract Bond.

WBE: Similar to DBE, Women Business Enterprise, or WBE, is a designation specifically for firms whose majority owner (at least 51 percent) is female.