Dictionary of Procurement Terms

A tangential flaw having no material body or form that may be corrected without prejudice to other bidders (e.g., the submission of two copies of a catalog when three copies were requested).

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

A warranty that applies to an instance in which the seller—at the time of contract—has reason to believe that the buyer wants the goods for a particular purpose, and the buyer is relying on the seller’s skill or judgment to select or furnish suitable goods.

A promise, arising by operation of law, that something that is sold will be merchantable and fit for the purpose for which it is sold. Implied warranties come in two general types: merchantability and fitness.

A good or service that is produced in one country and purchased in another. 2. The act of bringing in a good or service from another country.