Dictionary of Procurement Terms

An Alternative Dispute Resolution (ADR) process that involves the use of techniques to improve the flow of information between the parties to a dispute. This technique may also be applied to decisionmaking meetings in which a specific outcome is desired.

Buildings, land, equipment, or any tangible capital asset, wherever it is located, whether it is owned or leased.

An alternative dispute resolution (ADR) technique that uses an impartial expert (or group) selected by the parties to the dispute. The expert has the authority to appoint a factfinder to determine the facts in the case.

A price that is fair to both contracting parties, considering the market range for the good or service, agreedupon conditions, promised quality, and timeliness of contract performance.

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

A law in some states that allows a manufacturer to set a minimum retail price for its products. Such a law is a violation of federal antitrust law if it affects interstate commerce.

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

A law that provides for the recovery of damages and remedies upon furnishing to the government proof of loss sustained through fraud in the award or performance of government contracts.