Dictionary of Procurement Terms

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Search Results: 61-70 of 102 results for “E”
  • Errors and Omissions Insurance

    Insurance that protects businesses and their employees against claims of negligent professional actions or inadequate professional work; also known as professional liability insurance.
  • Escalator (Escalation) Clause

    Allows the contract price to be adjusted up or down in direct relationship to a defined market indicator, such as the Consumer Price Index (CPI).
  • Escrow

    A sum of money, bond, piece of property, or deed delivered into the keeping of a third party by one party to a contract, to be returned only when an obligation is fulfilled, or conditions of a contract are met.
  • eSign

  • Established Catalog Price

    Price included in a catalog, printed price list, schedule, or other form that is regularly maintained by a manufacturer or contractor—either published or otherwise available for inspection by all customers—that states the prices currently in effect for the general buying public for given supplies or services.
  • Established Due Date

    The date and time specified in the Invitation for Bids (IFB) and Request for Proposals (RFP) for submission of initial bids or proposals.
  • Estimated Cost

    The cost to be used as the basis of a sourcing decision. It is representative of all known work and expected unscheduled work arising from the requirements (i.e., the total estimated contract value).
  • Estoppel

    A legal principle that prevents a person from asserting a position that is inconsistent with his or her prior conduct, if injustice would thereby result to a person who has changed position in justifiable reliance upon that conduct.
  • Ethics

    1. A principle of right or good conduct or a body of such principles. 2. A system of moral principles or values. 3. A code of conduct. Ethics prohibit a breach of the public trust by a public employee by any attempt to realize personal gain through conduct inconsistent with the proper discharge of that employee’s duties. Strong ethical principles are required for public procurement personnel, and many professional bodies adhere to published codes of ethics. See also: Integrity, Norm.
  • European Community (EC)

    The economic association forerunner of the European Union formed in 1957 by six European countries to deal with the policies and governing of all member states.



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