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Contracting Authority
The authority delegated to
persons for entering into and approving
contracts.
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Contracting Officer
A person with the authority to
enter into, administer, or terminate contracts,
and make related determinations and
findings.
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Contracting Out
The process of establishing
contracts with private suppliers to provide a
product, service, or business process that was
previously provided by the entity’s internal (inhouse)
resources. The entity maintains
responsibility for the provision of the product,
service, or business process. See also:
Insourcing (in-house), Outsourcing.
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Contractor
Any individual or business having a
contract with a governmental body to furnish
goods, services, or construction for an agreedupon
price.
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Contractual Risks
Problems or issues that could arise from the performance of a contract which would hurt the outcomes or operations of the contract.
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Controlled Item
Item that requires special
controls beyond those normally employed.
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Convenience Product
An item that is readily
available and purchased often and with little
effort.
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Conversion
The transformation of an item into
another form (e.g., manufacturing).
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Conversion Costs (One-Time Conversion Costs)
Administrative costs, including personnel- or
material-related costs that are incurred as the
result of a change in service delivery from inhouse
to a privatized contract.
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Convertibility
The degree or ease with which one
country's currency can be converted into
another nation's currency.
