Dictionary of Procurement Terms

1. Indication that all parties to the contract agree to be bound by the terms of the contract. 2. An indication by one party of a willingness to act in accordance with the contract or offer. 3. The assumption of a legal obligation by a party to a contract and to the terms and conditions of that contract. 4. The act of receiving the good or service by an authorized representative with the intention of approving the good or service for payment. May include transfer of title.

The agreement of the Supplier to deliver the goods ordered for the price offered.

The agreement of the purchaser to an offer submitted by a supplier.

A quality control technique used to evaluate the overall condition of a given lot by physically inspecting a portion or sample of the lot. See also: Acceptable Quality Level (AQL).

A draft or bill of exchange drawn on a bank and acknowledged as valid by that bank.

A non-interest bearing, negotiable bill of exchange or draft covering the sale of goods drawn by the contractor and accepted by the purchaser; may include the purchaser’s specifications in place of payment.