Dictionary of Procurement Terms

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Search Results: 11-20 of 309 results for “C”
  • 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.
  • 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.
  • 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.
  • Capability

    The ability of a bidder or proposer to fulfill the contract at time of award.
  • 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.
  • 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)
  • 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.
  • Capital Budget

    A financial document that projects an entity's cost for future major assets and the entity's long-term financing needs.
  • Capital Equipment

    Durable assets listed on an entity's accounting records that have value and can usually be depreciated.
  • Capital Improvement Plan (CIP)

    A multi-year plan that forecasts spending for anticipated capital projects and equipment purchases. Also called Capital Improvement Program.
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