Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

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Search Results: 81-90 of 115 results for “B”
  • Bribery

    The giving, receiving, offering, or soliciting of any item of value as a means of influencing the actions of a public servant.
  • Broker

    An intermediary specializing in a particular good or service who is hired to represent either a buyer or a seller.
  • Budget

    A financial statement that projects income or expenditures over a specified period. Entity budgets generally are classified as operating budgets or capital budgets.
  • Budget Deficit

    Amount by which expenses exceed revenue during a set period of time.
  • Budget Message

    A communication normally written by the chief executive that accompanies the financial estimate. Its purpose is to explain the main points of the financial plan, the assumptions under which it was assembled, and the major policy recommendations.
  • Budget Statutes

    Prohibits a governmental entity from spending funds beyond those that the legislative body appropriates for it. It is the impetus for encumbrance accounting, which requires a purchase requisition or other form to be used that certifies that the entity has the funds.
  • Budget Surplus

    Amount by which revenue exceeds expenses during a set period of time.
  • Bulk Purchasing

    1. To purchase in volume with the expectation of reducing the unit price of an item. 2. To aggregate quantities of material in hopes of achieving deeper discounts and better pricing. See also: Bundling.
  • Bull Market

    An economy experiencing a prolonged rising value of stocks. See also: Bear Market.
  • Bundling

    The grouping of items for purchase to reduce administrative expenses or to obtain better unit prices through the benefit of economies of scale. See also: Bulk Purchasing.
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