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Cancellation of a Contract
Term for when the
entity-authorized official has determined that
a contract should be terminated for cause,
default, or convenience. See also:
Termination for Convenience, Termination for
Default.
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Cancellation Request
A request, by either party
to a contract, to cancel the contract, often at
no cost. See also: Mutual Assent, Termination
for Convenience, Termination for Default.
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Cannibalize
A term used to describe the
dismantling, stripping, or tearing down of
buildings or equipment for salvage
components or parts that can be used to
repair, assemble, or rebuild other equipment
to extend the lifecycle of materials.
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Capability
The ability of a bidder or proposer to
fulfill the contract at time of award.
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Capacity
The maximum amount of goods or
services that a supplier or entity can provide,
produce, receive, absorb, or hold during a set
time period.
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Capital
1. Final goods produced for use in the
production of other goods (e.g., equipment,
buildings).
2. Wealth in the form of money or property.
3. All buildings, equipment, and human skills
used to produce goods and services.
(Schiller 2000)
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Capital Asset
An asset with a lifecycle of more
than one year with a value of more than a
certain prescribed limit set by accounting
standards or by governmental policy.
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Capital Budget
A financial document that
projects an entity's cost for future major
assets and the entity's long-term financing
needs.
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Capital Equipment
Durable assets listed on an
entity's accounting records that have value
and can usually be depreciated.
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Capital Improvement Plan (CIP)
A multi-year plan
that forecasts spending for anticipated capital
projects and equipment purchases. Also
called Capital Improvement Program.
