Your gateway to comprehensive financial knowledge with more than 2000 financial and economic terms
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Inefficiencies
Shortcomings, waste, or weaknesses in processes or operations that hinder productivity or result in resource underutilization.
Title Deeds
Legal documents that establish ownership of a property or asset, often used as collateral for loans or to prove property rights.
Vision Realization Programs
Initiatives, projects, and programs that aim at achieving the economic and social targets of the Saudi Vision 2030. The Council of Economic and Development Affairs monitors its performance and implementation.
Manifest
A document containing a full description of the goods carried on the various means of transport.
Country of Origin
The country that manufactures the items stated in the bill of quantities, and shown by the bidders.
Bill of Lading
A legal contract that serves three functions: a receipt for the goods, a document of title, and proof of the contract of shipment of goods. This is a document prepared and issued by a shipping company when goods being exported are shipped by sea.
Negative Assurance
A form of assurance where an auditor expresses a lack of evidence to support specific assertions, typically used in review engagements.
Off-plan Sale
Sale or lease of a detached real estate unit before its construction is completed.
Affirmed
A reconfirmation or maintenance of a previously assigned credit rating by a credit rating agency.
Prequalification
Verification of government entity of availability of the necessary qualifications and capabilities to carry out works or secure purchases with bidders before submitting bids.
Beneficiary Onboarding
The process of introducing beneficiaries to the products and services and guiding them to use the benefits offered, as well as providing ongoing support throughout their journey, from registration to becoming permanent beneficiaries.
Payment Order’s Date of Receipt
The date of receipt of the payment order to the Ministry of Finance and before its registration on the system.
Creation Date of Payment Order
The date of creating an order for payment through the Etimad Platform at the government entity.
Sending Date
The date of sending the invitation to issue a document or transaction.
Creation Date
The date of uploading the competition on the bidding system by the government body.
Payment Order’s Registration Date
The registration date of payment order in the financial system of the Ministry of Finance.
Date of Registration
The date on which the person is registered in accordance with the provisions of the Value Added Tax System in the KSA and its Implementing Regulations, or as specified in the tax registration certificate issued by the Zakat, Tax and Customs Authority.
Fair Trade
A movement promoting ethical trade practices, ensuring producers (especially in developing countries) receive fair wages and work in safe conditions.
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