Procurement and RFQs
Approved Vendor
A supplier that has satisfied a buyer’s internal qualification and approval requirements. In maritime procurement, the concept helps buyers and providers define, price, compare and authorize operational requirements.
What approval means
- Approval is a buyer’s own decision. It is not a status a company holds in general.
- The same company can be approved by one buyer and not by another.
- Approval is usually what allows an order to be raised and paid at all.
Approved Vendor is a term used in maritime business and operations.
A supplier that has satisfied a buyer’s internal qualification and approval requirements.
In maritime procurement, the concept helps buyers and providers define, price, compare and authorize operational requirements. The exact meaning may vary with the contract, jurisdiction, port practice or workflow in which it is used.
What approval usually examines
Area
What the buyer checks
Legal existence
Registration, incorporation and trading name.
Financial standing
Ability to carry the work, and the payment or credit terms available.
Insurance
Cover appropriate to the goods or work, and its limits.
Certification
Quality, safety or trade certifications relevant to what is supplied.
Sanctions and ownership
Screening of the company and, where required, its beneficial owners.
Performance history
Past delivery, claims and disputes, where the buyer holds a record.
Approved by a buyer compared with verified on a platform
Approved vendor
Verified company
Granted by one buyer, for its own use.
Granted by the platform, and visible to everyone on it.
Reflects that buyer’s risk appetite and internal rules.
Reflects a defined check applied the same way to every company.
Can be withdrawn by that buyer alone.
Stands until the platform’s own status changes.
Usually required before an order can be raised or paid.
Required before quoting or publishing on the platform.
FAQ
FAQ
The most common questions we get about Approved Vendor.
What does Approved Vendor mean?
A supplier that has satisfied a buyer’s internal qualification and approval requirements.
How long does approval last?
Usually until the next review. Buyers commonly re-check registration, insurance and screening on a cycle rather than per order.
Where is Approved Vendor commonly used?
It is commonly used in the context of procurement and rfqs.