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: 1-10 of 99 results for “I”
  • ICE

  • ID/IQ Contract

  • IFB

  • IFPSM

  • IMF

  • Immaterial Defect

    A tangential flaw having no material body or form that may be corrected without prejudice to other bidders. Example: Submission of two copies of a catalog when three copies were requested.
  • Imperfect Competition

    A condition that exists when the marketplace is dominated by only one or possibly a few sellers. This is referred to as an oligopoly.
  • Implied Authority

    Authority that is not defined expressly, but is only determined by inferences and reasonable deductions about actions that are necessary to perform the expressly authorized acts.  Can consider the conduct of the principal regarding the historical actions of the agent.
  • Implied Contract

    A legally-binding obligation that exists without the benefit of verbal or written confirmation, which is derived from the circumstances, conduct, or actions of one or more parties of the agreement. Implied contract may fall into one of two categories: (1) Those that are implied in law and (2) Those that are implied in fact.
  • Implied Warranty

    A warranty not specifically written into a contract but implied to be valid through law.
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