Dictionary of Procurement Terms

Not legally enforceable or binding.

Human-made chemical that is emitted from products and easily vaporizes into gases that often are harmful to people or the environment.

Good whose price fluctuates.

Discount offered to a buyer from a seller based on increased quantity purchased, the size of the order, or total annual volume. See also: Quantity Discount, Volume Leveraging, Economies of Scale.

Use of economies of scale in negotiation between a buyer and seller to reduce the price to the entity. See also: Quantity Discount, Volume Discount, Economies of Scale.

An agreement between countries to limit exports or imports to a mutually agreed upon number for a specific good.

A level of quality or achievement considered acceptable or desirable for use by any person, organization, or entity, generally established by voluntary participation of interested parties.

A study of annual salary numbers or hourly wage figures for a given industry used to assess an entity's or business' comparable pay structure and practices.