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: 61-70 of 115 results for “F”
  • Fixed Weight

    A numerical system used to evaluate proposals. Weights are assigned to each evaluation criterion by percentage distribution.
  • Fixed-Price Contract

    1. A contract providing for a firm price 2. A price that may be adjusted only in accordance with contract clauses, providing for revisions of the contract price under stated circumstances.
  • Fixed-Price Contract with Escalator (Economic Adjustment Clause)

    A contract under which the contractor is reimbursed at a fixed price for all services and materials, provided that the contract allows for periodic price increases or decreases at one or more stated intervals during the contract term. The amount of price increase or decrease is based on the movement of an independent price index (escalator) for goods, services, or labor. (Harney 1992)
  • Fixed-Price Contract with Price Redetermination

    A contract that provides for a firm fixed price during the initial period of the contact, after which, based on performance during the initial period, the contract price may be recalculated.
  • Fixed-Price Incentive

    A fixed-price contract that provides an incentive to reduce cost by allowing for the adjustment of profit and establishing the final contract price by a formula based on the relationship of final negotiated cost to total target cost.
  • Fixed-Price Level-of-Effort

    A fixed-price contract that requires the contractor to provide a specified level of effort for a specified period of time for work that can only be described in general terms.
  • Flexible Manufacturing System (FMS)

    A production method designed to adapt easily to changes regarding the quantity and type of good being manufactured.
  • Floater

    An insurance policy that covers a changing, dynamic liability, such as the inventory of a store or warehouse, movable property, or goods in transit.
  • FMS

  • Follow-Up

    To review the status of a transaction, in connection with purchasing transactions.



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