Purchasing & Procurement Terms and Definitions


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A4 size paper
absolute auction
acceptance
accumulation
acknowledgement
acquirer
acquisition
acquisition cost
acquisition loan
acquisition planning
acquisition program baseline
Acquisition, Development, and Construction (ADC) loan
ad valorem
ad valorem equivalent (AVE)
ad valorem tariff
ad valorem tax
add-ons
administered price
advance procurement
advance purchase rate
affiliated chains
affine pricing
affordability
alternative order
alternative tariff
article
as is
asked
asked price
assay ton
assemblage
asset purchase
asset sale
auction
auction market
auctioneers
authorized price list
automated purchase system
award
away from the market order
back to back credit
backup data
bag
bank to bank letter of credit (L/C)
bargaining power of customers
bargaining power of suppliers
barrel (bbl)
barrel bulk
barter
base point pricing
based-on pricing
basic ordering agreement
basing point
basing rate
batch cost
below the market
best buy
best rate
best value
beyond charge
bid
bid and proposal (B&D) costs
bid bond
bid date
bid depository
bid division description
bid documents
bid form
bid opening
bid package
bid price
bid requirements
bid rigging
bid sample
bid shopping
bid solicitation
bid threshold
bidder
bidding documents
bidding period
bidding requirements
big ticket leasing
bilateral modification
bill of materials (BOM)
billed weight
blanket
blanket order
board foot (BF)
bolt
bond paper
book of business
booking
buildup
buildup approach
bulk
bulk material
bulk sale
bulk solids
bullwhip effect
bundling
business-to-business auction
buy
buy side
buy-in
buy-side auction
buyer
buyer's right to routing
buying agent
buying behavior
buying by description
buying by inspection
buying by sample
buying by specification
buying cycle
buying direct
buying pattern
buying power
buying structure
C&F
call contract
canceling order
cancellation ceiling
cancellation charge
capital funds
capitalization (cap)
carat
carriage
carriage & insurance paid to (CIP)
carriage cost
carriage paid to (CPT)
cartage
case binding
cash against documents (CAD)
cash before delivery (CBD)
cash discount
cash in advance (CIA)
cash on delivery (COD)
cash price
cash with order (CWO)
caveat emptor
caveat venditor
central buying
central procurement
centralized purchasing
certificate of compliance
certificate of conformance
certificate of conformity
certificate of free sale
certificate of inspection
certificate of participation (COP)
certification mark
certified part
change order
Chief Procurement Officer (CPO)
clo
closed bidding
closed competitive bidding
closing price
collar agreement
collusive bidding
commercial item
commercial off the shelf (COTS)
competitive bidding
competitive price
competitive proposals
competitive quotations
competitive range
competitive specifications
competitive tender
complementary services
completed contract method
compliance
component
computed value
conceptual cost
conditional acceptance
conditional offer
conditional payment
conditional sale agreement
conditions of carriage
conditions of contract
conformance
connection charge
container load
contingency payment
continued portion of contract
continuous acquisition and life-cycle support (CALS)
contract action
contract addendum
contract administration
contract audit
contract award
contract bond
contract budget baseline
contract categories
contract ceiling
contract change authorization (CCA)
contract change notification (CCN)
contract change proposal (CCP)
contract closeout
contract closeout costs
contract cost analysis
contract documents
contract financing payments
contract grade
contract hire
contract line item
contract logistics
contract maintenance
contract modification
contract of carriage
contract over-run
contract owner
contract payment bond
contract performance bond
contract period
contract price
contract price analysis
contract price baseline
contract procedures
contract purchase
contract receipts
contract requirements
contract revenues
contract risk
contract settlement
contract sum
contract target cost (CTC)
contract time
contract under-run
contract value
contractability
contractee
contractor
contractor's option
contractor-owned, contractor-operated (CO-CO)
Contracts for International Sale of Goods (CISG)
contractual instrument
contractual liability
contractual services
cooling-off period
cooperative purchasing
cord
cord foot
core benefit proposition
core product
cost and freight (C&F)
cost estimate
cost plus award fee (CPAF) contract
cost plus contract
cost plus fixed fee (CPFF) contract
cost plus incentive fee (CPIF) contract
cost reimbursement contract
cost sharing contract
coterminus
cover bid
cube rate
current estimate
customer
customer-supplier partnership
date of substantial completion
day order
definite quantity contract
definitized item
deliverable
delivered at frontier (DAF) [named place]
delivered duty paid (DDP) [named port or place of destination]
delivered duty unpaid (DDU) [named port or place of destination]
delivered ex ship
delivered price
delivery instructions
delivery note
delivery notice
delivery order
delivery order contract
delivery party
delivery payment
delivery period
delivery schedule
delivery terms
delivery time
delivery timeliness
demand chain
demand-based pricing
demerit good
deobligation
design, bid, build
design-build (D-B) contract
design-build-operate-maintain contract
differential pricing
differential rate
dimension lumber
dimensional weight (Dim Wt)
direct channel
direct premium
directional tariff
discharge of contract
discount schedule
discrete lot size
discrimination
discriminatory pricing
dispatch advice
dispatch note
divisible contract
documentary letter of credit (L/C)
down payment
down selection
draft request for proposals
dry basis
Dutch auction
e-sourcing
electronic procurement (e-procurement)
eligible offer
end item
English auction
equilibrium price
equipment trust certificate
equitable lease
escalation clause
escalation rate
escape clause
established catalog price
established market price
established price
estimated cost at completion
estimating
estimating rationale
evergreen contract
ex
ex factory
ex mill
ex quay
ex ship
ex works
expense report
extension pricing
external sourcing
failed trade
failure free warranty
fair and reasonable price
fair market value (FMV) lease
fee
field order
finance lease
firm bid
firm fixed price contract
firm offer
firm order
firm price contract
firm quotation
fixed price
fixed price contract
fixed price contract with economic price adjustment
fixed price contract with price escalation
fixed price incentive contract
fixed price redeterminable contract
fixed purchase option
flat rate
flexible pricing
follow on
force account work
force majeure
formal bid
forward auction
forward price
forward pricing
forward procurement
forward supply contract
forward transaction
free
free alongside ship (FAS)
free carrier [named place]
free in liner out (FILO)
free on board (FOB)
free on rail
free on truck
freight
freight all kind (FAK)
freight forwarder
front loaded lease
full container load (FCL)
full maintenance lease
full payment lease
full payout lease
full service leasing
full service vehicle lease
full trailer load (FTL)
general contractor
geographic pricing
global sourcing
going price
goods in transit
government procurement
government purchases
gram
gross lease
ground lease
guarantee
guaranteed maximum price (GMP)
guaranty
hidden load
hidden price increase
high involvement product
hire-purchase
hogshead
horizontal price restraint
implosion of bill of materials
import duty
import tariff
incentive contract
incentive-type contract
INCOTERMS
indefinite quantity contract
indent
independent contractor
indexing
indivisible contract
ineligible bidder
informal bid
informal contract
inspection
inspection clause
international Procurement Organization (IPO)
invitation to bid (ITB)
invitation to tender
irrevocable offer
justification and approval
knock off
labor hour contract
lapse of offer
last accepted rates (LAR)
LCL
lease
lease contract
lease purchase
lease schedule
lease term
lease underwriting
lease with option to purchase
leasing
less than truck load (LTL)
less-than container load (LCL)
lessee
lessor
lessor's interest
letter contract
letter of agreement
letter of award
letter of credit (L/C)
letter-size paper
level of supply
level selling
leveraged buyout (LBO)
leveraged lease
life cycle costing
life cycle engineering
lighterage
limitation of cost clause
limitation of damages clause
limitation of funds clause
limited warranty
linear foot
list price
loan for consumption
lockout agreement
long term lease
lot
lot quantity
lot size
lowest responsible bidder
LTL

lump sum bid
lump sum contract
maintenance bond
maintenance contract
maintenance of value clause
major item
management contract
managing contractor
master lease
material price standard
material quality standard
materials handling
materials management
materials planning
memorandum of tariff
method of procurement (MOP)
minimum inventory
minimum weight
missing specifications
modular bill of materials
modular contracts
most favored customer
multiple pricing
NCND agreement
negotiated contract
negotiated procedure
net lease
net price
net purchase recording
net purchases
net weight
no bid
no-sale price
nominal price
nominal quotation
non cost data
non-circumvention, non-disclosure (NCND) agreement
non-compliance
non-response bid
non-sovereign public buyer
non-tax lease
nonconformance
nonconformity
nonprice vertical restraint
not in contract (NIC)
not less than (NLT)
not to exceed (NTE)
notice of cessation
notice of completion
notice of nonresponsibility
notice to proceed (NTP)
occupancy phase
odd lot
off the shelf item
offer
offer price
offeror
one-cancels-the-other order
open bid
open bidding
open competitive bidding
open contract
open end contract
open ended lease
open market purchasing
open procedure
open tender
open to buy
open transaction
operating lease
option to renew
or equal
or near offer (ONO)
order
order cycle time
order fill
order lead time
order point
order point system
order policy
order time
ordering cost
organizational buyers
ounce
out of gauge
out of scope change
out of spec
outline specifications
output contract
over and above work
over-certification
overage
overpack
package deal
paper sizes
paper weight
parity pricing
parol lease
part performance
partial settlement
partial termination
passage of risk
passing of title
pay down
payment advice note
payment bond
payment confirmation statement
payment schedule
penalty and bonus clause
penalty clause
percentage lease
percentage of completion method
perfect tender
perfect tender rule
performance bond
performance of contract
performance specification
performance standby
permanent lender
physical completion
physical market
planned value
planning estimate
planning factor
planning horizon
planning package
post bid shopping
post tender negotiations
postage stamp pricing
pre-award survey
pre-bid shopping
prequalification
prequalification of bidders
price
price analysis
price and availability (P&A) data
price and availability (P&A) study
price discrimination
price negotiation memorandum (PNM)
price protection
price threshold
priced bill of material
pricing agreement
pricing arrangement
primary obligation
prime contract
prime contractor
privity of contract
procure to pay
procurement
procurement cycle
procurement hub
procurement logistics
procurement request
procurement requirement
procuring authority
professional services contract
profit objective
progressive payments
project contracts
project delivery system
project owner
proposal
proposal evaluation
proposal evaluation criteria
public bid opening
public tender
punch list
purchase
purchase acquisition
purchase agreement
purchase cycle
purchase day book
purchase discount
purchase indent
purchase invoice
purchase option
purchase order
purchase price variance
purchase request
purchase requisition
purchase specification
purchaser
purchasing
purchasing agent
purchasing hub
purchasing lead time
purchasing manager
push ordering system
qualification requirement
qualification test
qualified
qualified acceptance
qualified bidder
qualified equipment
qualified products
qualitative requirements
quantitative requirements
quantity discount
quantity survey
quotation
quote
reasonable payment
reasonable price
rebate
receiving
record drawings
recurring effort
red clause letter of credit (L/C)
rejected bid
renewal option
reorder cost
reorder level
reorder point
reorder quantity
repairable item
replacement
replenishment order quantity
request for bids (RFB)
request for information (RFI)
request for proposals (RFP)
request for quotations (RFQ)
request for technical proposals
request for tenders
requirements contract
requisition
requisition cycle
requisitioning objective
rescission of contract
reserve price
responsible bidder
responsive bidder
restricted tendering
restrictive specification
retainage
retention clause
retroactive pricing
reverse auction
reverse marketing
revocable letter of credit (L/C)
revolving letter of credit (L/C)
risk premium
round lot
sale and leaseback
sales agreement
sales discount
satisfaction
scheduling agreement
scope
scope change
scope creep
scope of work
sealed bid
sealed bid auction
seasonal discount
second degree price determination
second source
secondary obligation
selective selling
service contract
service lease
service level agreement
service plus finance factoring
settlement cost
settlement date
settlement value
shared savings
shipping terms
shipping time
shipset
short lease
single payment lease
single source procurement
single sourcing
skimming price
skip payment lease
soft cost
sole source
sole source acquisition
sole sourcing
source selection
sourcing
sovereign public buyer
special conditions
specific commodity rate
specific goods
specification (spec)
split order
spot bid
standard adders
standard details
standard job
standard price
standard price variance
standard purchase specifications
standard rate
standard specification
standard stock item
standby letter of credit (L/C)
standing offer
standing order
statement of work (SOW)
step lease
stipulated sum agreement
stockless purchase
stop work order
store
stores
strategic procurement
strategic sourcing
subcontract
subcontractor
sublease
substantial completion
substantial performance
substantial performance doctrine
superturnkey
supplemental
supplemental agreement
supplemental conditions
supplementary service
supplier
supplier evaluation
supplier financing
supplier quality assurance
supply risk
supply support
supply system
synthetic lease
tailoring
take and pay contract
take or pay contract
takeout
takeout commitment
tare
tare allowance
tare weight
tariff anomaly
tariff escalation
tariff schedule
task description
task order
task type contract
tax escalation clause
tax participation clause
technical default
technical proposal
technical specifications
technical standard
tender conditions
tender of delivery
tender offer
terminated portion of the contract
termination
termination claim
termination clause
termination for cause
termination for convenience
termination for default
termination liability
terms of sale
terotechnology
throughput contract
time
time and materials (T&M) contract
time is of the essence
time of completion
title transfer provision
toll manufacturing
toll processing
tolling contract
ton
total acquisition cost (TAC)
total allocated budget
total cost of a contract
total lead time
total potential cost of a contract
total value
trade contractor
trade discount
trade terms
trading down
traditional contracting
transaction price
transaction statement
transaction value
transferable letter of credit (L/C)
transport document
transportability
triple net lease
true lease
turnkey
turnkey contract
turnkey pricing
twenty-foot equivalent unit (TEU)
two tier sealed bidding
tying arrangement
ultimate consignee
unallowable cost
unbundling
underbid
underrun
uneven lot
unfilled order
unforeseen condition
uniform commercial code (UCC)
uniform delivered pricing (UDP)
unit of issue
unit of measure
unit price
unit price contract
unit pricing
universal character set
unsolicited proposal
value analysis
value engineering
value for money (VFM)
value oriented pricing
value recovery provision
variation order
vendee
vendor
vendor analysis
vendor finance
vendor managed inventory (VMI)
vicarious performance
Vickrey auction
volume discount
volume pricing
warehouse requisition
warehousing
warrant for goods
wet basis
where is as is
will cost
work authorization
work request
work scope
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