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 127 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. Is generally successful when the parties or issues are not extremely polarized.
  • 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.
  • Factor

    A finance company to which businesses sell their accounts receivable—usually for a percentage of the total face value. (Schiller, 2000)
  • Factors of Production

    Resource inputs used to produce goods and services, e.g., land, labor, capital, entrepreneurship. (Schiller, 2000)
  • FAI

  • Fair and Reasonable Price

    A price that is fair to both contracting parties, considering the agreed upon conditions, promised quality, and timeliness of contract performance. A variety of techniques may be used to ensure a fair and reasonable price, such as sealed competitive bidding, competitive proposals, informal quoting, price and cost analysis, and benchmarking against to other contracts.
  • Fair and Reasonable Price Block

    CANADIAN Certification as to method of Solicitation and price acceptability.
  • Fair Market Value

    The price for an item upon which purchaser and supplier agree in an open market when both are fully acquainted with market conditions.