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: 11-20 of 96 results for “I”
  • Imprest Fund

    A petty cash fund. A cash reserve for expenditures made in accordance with established policies and controls.
  • Improper Influence

    Excessive persuasion of an entity employee to act or give consideration to act in a manner contrary to the best interests of the entity, rather than on the merits of the matter. Also known as undue influence.
  • In Bond

    The state of goods that are manufactured, stored, or transported under the care of a bonded agency until duties or taxes are paid on the goods.
  • In-House Bidding

    The practice of allowing public entities to compete against private suppliers of goods or services.
  • In-Process Inspection

    Inspection performed at the seller’s site, usually during the manufacturing or repair process, to ensure that the work to date complies with specifications and contractual agreements; this inspection has the potential to identify defects that could not be seen during final inspection.
  • In-State Preference

    A preference in the form of a percentage of price or percentage of points given to offerors that are in-state businesses.
  • Incentive Contract

    A contract that provides for a reward to the contractor for reaching or exceeding a pre-determined level of performance or cost-reduction goals, or for producing results that exceed the requirements stated in the contract.
  • Income Statement

    A report of a business' gains, losses, expenses, and revenue over a specific time period.
  • Incoterms

  • Incurred Costs

    Actual cost rather than estimated cost.



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