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SMART formulation is an essential aspect of the Best Value philosophy to demonstrate performance, evaluate proposals and is required for the continuous improvements within organizations. Based on an evaluation of projects that have been tendered with the BVP award mechanism, it was concluded that both for the tender documents, as the interviews in the procurement process, SMART formulation allows for significant improvement. This study proposes the SMART assessment tool, which is a straightforward and effective method to assess tender documents on their degree of SMART formulation and is illustrated by application on the studied tenders.