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: 51-60 of 96 results for “I”
  • Inspection Report

    A document compiled as a result of an organized examination and analysis to inform the purchasing authority of a product’s compliance with advertised specifications.
  • Installment Sale

    A contractual exchange made with the agreement that the purchased goods will be paid for in fractional amounts over a specified period of time.
  • Insurance

    A contract between an insurance company and a person or group that provides for a monetary payment in the case of a covered loss, accident, death, or other insurable exposure. A form of risk mitigation.
  • Intangible Asset

    A resource that is not physical (e.g., business goodwill).
  • Integrity

    The quality of honesty and strict adherence to an ethical or moral code of conduct. See also: Ethics.
  • Intellectual Property

    1. Creations of the mind whose ownership is protected by law. 2. Creative works or ideas embodied in a form that can be shared or can enable others to recreate, emulate, or manufacture them. (USPTO 2021)
  • Inter-Program Efficiency

    A method of determining the most efficient program when competing programs exist that are designed to meet the same objective. This analysis is conducted by using the measures of cost and anticipated benefits of the competing programs to determine which program produces the greatest net benefits. Funds (budget) may then be appropriately allocated to the most beneficial program.
  • Interested Party

    In the context of an administrative bid or proposal protest procedures, an actual or prospective bidder or proposer whose direct economic interest would be affected by the award of a contract or by the failure to award a contract. (See Federal Acquisition Regulation (FAR) 33.1.)
  • Intergovernmental Contract

    An agreement made between government entities in which one entity agrees to deliver goods or services to the other, or to cooperate with or contribute to one another's efforts. See also: Shared Services.
  • Intergovernmental Cooperative Purchasing

    See Cooperative Procurement (Purchasing).



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