Dictionary of Procurement Terms

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: 101-110 of 115 results for “F”
  • Freight Forwarder

    An agent responsible for transporting cargo on behalf of the cargo’s owner, from when the goods are picked up from the seller to when they are delivered to the buyer’s specified location.
  • Frictionless Market

    A financial market that has no transaction costs.
  • Fringe Benefit

    Benefit offered to employees other than salary (e.g., insurance, employee discounts, tuition assistance).
  • Front-End Loading

    The inclusion of higher prices for goods or services delivered first in contract performance, with lower-than-normal prices included for the goods or services delivered later. See also: Unbalanced Bid.
  • FTC

  • FTZ

  • Full and Open Competition

    The process by which two or more suppliers attempt to secure the business of a third party by offering the most favorable price, quality, delivery terms, and service. The concept of competition presumes the existence of a marketplace in which there is more than one supplier that can provide similar goods and/or services.
  • Full Employment

    The lowest rate of unemployment compatible with price stability, variously estimated to be between 4% and 6%.
  • Full Warranty

    A warranty as to full performance covering both labor and material; the warrantor must remedy the product within a reasonable time and without charge after notice of a defect or malfunction.
  • Full-Time Equivalent Position (FTE)

    The baseline of an FTE is a full-time position. All part-time positions are converted to the decimal equivalent of a full-time position based on 2,080 hours per year.



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