i+academy

A batch or a lot is a defined quantity of products (with its packaging) which went through a single production process and thus is expected to be homogeneous. The size of a batch depends on a fixed quantity, or the amount produced in a fixed time interval.

A batch number or lot number is a unique combination of numbers and/or letters given to a batch and its corresponding labels, certificate of analysis, and other documentation.

A batch release or lot release is a procedure by which different batches are tested to assess if they meet all the required product specifications as defined by the relevant standards.

Bid security is a form of financial guarantee where the bidder is required to make a deposit at the time of submission of a bid or tender. Bid security is a safeguard against withdrawal of bids before the end of the bid validity period or a refusal to sign the contract.

Buffer stock or safety stock is the amount of stock that is kept in reserve in case an item is unavailable from the supplier or a sudden increase in demand occurs. This amount may be determined as x times the average monthly consumption, or calculated as a percentage of the annual quantity consumed, depending on the country and system.