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: 31-40 of 116 results for “F”
  • FFE

  • FFP

  • Fidelity Bond

    Insurance against losses resulting from the dishonesty of an employee.
  • Fiduciary Duty

    A legal obligation to act solely in accordance with the best interests of another party.
  • Fiduciary Funds

    Monies used to account for assets held in a trustee or agency capacity for others and which cannot be used to support the entity’s own programs.
  • Field Purchase Order (FPO)

    A type of purchase order with a pre-approved maximum value used to expedite the procurement of nonrecurring goods and services necessary for business operations under delegated authority to field staff. An FPO is used for occasional, unexpected business expenditures (e.g., the breakdown of a company vehicle in the middle of a delivery trip).
  • FIFO

  • Final Cost Objective

    A cost objective whose costs are not assigned to any other cost objective and is, therefore, one of the final points for accumulating costs in the accounting system.
  • Final Inspection

    A review or examination of a product, service, or construction by the purchaser to ensure that the seller/contractor has conformed to all applicable specifications and requirements before making final payment.
  • Final Payment

    Payment made for completed services after all offsets are calculated and claims are completed.
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