Dictionary of Procurement Terms

An agreement between parties whereby the borrower promises to repay the lender, generally with interest, at a later date.

A method of correcting an overcharge, paying a trade rebate, or crediting the value of goods returned.

A company or person to whom money is owed or who provides credit.

Mapping the time needed for the longest sequence of essential and dependent activities for a project or production.

City of Richmond v. J.A. Croson Co. was a legal case in 1989 in which the U.S. Supreme Court held that the City of Richmond Virginia’s minority set-aside program—which gave preference to minority business enterprises (MBE) in the awarding of municipal contracts—was unconstitutional under the Equal Protection Clause.

A process that removes the storage of goods from the supply chain by unloading goods directly from one transport vehicle, sorting them, and then reloading them directly into another transport vehicle to continue the transportation journey.

A group of employees from different departments or interested stakeholders who work together to accomplish a specific task.

Proactive activity by supply management to identify opportunities to share best practices or coordinate sourcing programs to reduce costs, usually accomplished through crossfunctional teams.

A model in which organizations or individuals leverage the knowledge from a large, often rapidly evolving, group of people with relevant expertise who are either paid or unpaid and sourced via the internet without requiring a contract. Otherwise known as Cyberspace Outsourcing.

CANADIAN Property to which title is vested in the Crown (i.e., federal, territorial, and provincial governments).