Dictionary of Procurement Terms

The legal principle of fair treatment that states that a citizen cannot be denied life, property, or liberty, and a business cannot be treated arbitrarily or unfairly without the appropriate safeguards and legal procedures contained in the Fifth and Fourteenth Amendments to the U.S. Constitution.

An action that occurs when a business or country exports a large quantity of goods at a lower price in a foreign market rather than the price paid in a home market.

A category of consumer goods that do not wear out quickly, typically lasting for three years or more.

A public auctioning structure in which the initial price is in excess of the amount buyers are expected to be willing to pay. The price is then lowered in steps until a buyer is found who is willing to pay the current price offered.

Imported or exported good upon which duties are to be imposed.

The customs imposed on articles taken out of or into a country.