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.
What it means
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
Legal existence
What the buyer checks
Registration, incorporation and trading name.
Area
Financial standing
What the buyer checks
Ability to carry the work, and the payment or credit terms available.
Area
Insurance
What the buyer checks
Cover appropriate to the goods or work, and its limits.
Area
Certification
What the buyer checks
Quality, safety or trade certifications relevant to what is supplied.
Area
Sanctions and ownership
What the buyer checks
Screening of the company and, where required, its beneficial owners.
Area
Performance history
What the buyer checks
Past delivery, claims and disputes, where the buyer holds a record.
Approved by a buyer compared with verified on a platform
Approved vendor
Granted by one buyer, for its own use.
Verified company
Granted by the platform, and visible to everyone on it.
Approved vendor
Reflects that buyer’s risk appetite and internal rules.
Verified company
Reflects a defined check applied the same way to every company.
Approved vendor
Can be withdrawn by that buyer alone.
Verified company
Stands until the platform’s own status changes.
Approved vendor
Usually required before an order can be raised or paid.
Verified company
Required before quoting or publishing on the platform.
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