1. Unexpected or uncontrollable events,
including those caused by nature that can
impact a contract’s price, terms, and
conditions. These events are not the result of
contractor negligence and may excuse
contractor performance during the events and
under certain conditions caused by them.
2. Acts of God or disruptive conditions for which
a contractor or carrier will not be held
1. A method used to determine future needs.
2. An ongoing assessment to examine
opportunities and essential elements of
strategic planning; examples include demand
forecasting of an entity's internal needs and
A corporation doing
business in any state in which it is not
incorporated. See also: Domestic Corporation.
Foreign Trade Zone (FTZ)
Secured physical area
within the U.S., but treated as it were outside
of U.S. borders, under control of U.S. Customs
and Border Protection, used by businesses for
storage and distribution and, in some cases,
production of goods.
A global marketplace
that facilitates the conversion of one county's
currency into the currency of another
country's by determining the exchange rate for
Forfeiture of Deposit or Bond
A loss of bid bond,
bid deposit, or performance bond resulting
from non-performance of the obligation the
bond was to insure by one’s own act,
negligence, or fault.
A bid that must be submitted in a
sealed envelope and in conformance with a
prescribed format to be opened in public at a
specified date and time. See also: Invitation
Forward (Supply) Contract
A contract for future
supply of definite quantities of supplies or
services. See also: Futures, Spot Price.
The purchasing of supplies
and materials in quantities exceeding
immediate needs, often in anticipation of a
price increase, strike threat, or future supply