Dictionary of Procurement Terms

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Search Results: 61-70 of 115 results for “B”
  • Blanket Order

    An agreement to purchase goods from a specific supplier over a defined period of time, up to a maximum dollar amount. A blanket order generally includes established prices, terms, and conditions for a defined period of time, although without specifying quantities. Shipments are to be made when and as required by the purchaser, which, in certain cases, may be the end user. See also: Price Agreement, Schedule Contract, Systems Contract.
  • Blanket Purchase Agreement (BPA)

    A simplified procurement method for fulfilling the anticipated recurring needs for supplies or services through the award of competitive line-item contracts or discounts from a supplier’s/manufacturer’s catalog, usually through competition. BPAs are used to reduce the administrative expenses resulting from small, recurring requirements.
  • Blind Trust

    An independently managed trust in which the beneficiary has no management rights and is not given notice of alterations in, or other dispositions of, the property subject to trust.
  • Board of Directors (BOD)

    The top governing body of a corporation, the members of which are elected by the stockholders. (Business 2002)
  • Boilerplate

    Standard clauses, e.g., general terms and conditions, used in a solicitation or contract. See also: General Provisions, General Terms and Conditions (T’s and C’s).
  • BOM

  • Bona Fide

    In good faith.
  • Bond

    1. A certificate reflecting a supplier’s promise to pay the holder a periodic interest payment until the date of maturity and a fixed sum of money on the designated maturity date. 2. A promise by a bond holder or issuer to pay if the purchaser of the bond does not perform according to the contract. 3. An interest-bearing security issued by governments.
  • Bonded Carrier

    A business transporting goods and operating under a bond to guarantee performance.
  • Bonded Warehouse

    1. A warehouse under bond to the government for payment of customs duties and taxes on goods stored or processed there. 2. A warehouse insured against damage or loss to goods stored there.



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