Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

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Search Results: 1-10 of 117 results for “F”
  • F.O.B.

  • Facilitation

    An Alternative Dispute Resolution (ADR) process that involves the use of techniques to improve the flow of information between parties to a dispute. The technique may also be applied to decision-making meetings where a specific outcome is desired.
  • Facilities

    Buildings, land, equipment, and any tangible capital asset, wherever located, whether owned or leased.
  • Fact-Finding

    An Alternative Dispute Resolution (ADR) technique that uses an impartial expert (or group) selected by the parties with the authority to appoint a fact-finder to determine what the “facts” are in a dispute.
  • FAI

  • Fair and Reasonable Price

    A price that is fair to both contracting parties, considering the market range for the good or service, agreed upon conditions, promised quality, and timeliness of contract performance.
  • Fair Market Value

    The price for an item upon which buyer and seller agree in an open market when both are fully acquainted with market conditions.
  • Fair Trade Statute

    A law, in some states, that allows a manufacturer to set a minimum retail price on their products. Such a law is a violation of federal antitrust law if it affects interstate commerce.
  • Fair Use

    In U.S. copyright law, the doctrine that states certain circumstances in which copyrighted material may be used for teaching, news reporting, criticism, scholarship, or research without payment or permission from the copyright owner.
  • False Claims Act

    Provides for the recovery of damages and remedies upon proof of loss to the government, sustained through fraud in the award or performance of government contracts.
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