Dictionary of Procurement Terms

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Search Results: 1-10 of 68 results for “L”
  • Labor Surplus Area

    A civil jurisdiction that has a civilian average annual unemployment rate during the previous two calendar years of 20 percent or more above the average annual civilian unemployment rate for all states (including Puerto Rico) during the same 24-month reference period. The Administrator for Federal Procurement Policy uses the LSA list to identify where procurement set asides should be emphasized to strengthen our nation's economy; The Small Business Administration uses the LSA list for bid selections for small business awards in Historically Underutilized Business Zones (HUBZones). (United States Department of Labor, Employment and Training Administration, Office of Adult Services, Labor Surplus Area online)
  • Labor-Hour Contract

    A variation of the time and materials (T&M) contract differing only in that materials are not supplied by the contractor. Provides for the procurement of services on the basis of direct labor hours at specified fixed hourly rates; is generally used when it is not possible to estimate the extent or duration of required work.
  • Lagging Indicator

    A reactive financial measurement, for example, sales or revenue, for economic shifts that have already occurred in the general economy.
  • Landed Item Cost

    The total external item-related costs incurred by the entity in obtaining an item from the supplier; most commonly associated with international shipping, and usually refers to the cost of shipping, plus applicable duties, taxes, and fees.
  • Last In-First Out (LIFO)

    A warehousing inventory term used to indicate that the latest received materials are assumed to be physically used first and the remaining materials received earlier are assumed to be still on hand in inventory.
  • Late Offer

    An offer (including a withdrawal or modification) received at the designated place for receipt after the established due date and time.
  • Latent Defect

    A defect that is not discoverable by initial customary or reasonable inspection upon delivery.
  • Law of Agency

    The Law of Agency states that an agent is someone who acts on behalf of a principal. A product of common law that focuses not only on the creation of agent relationships but also the liability for losses suffered by others who deal with agents. There are two ways to create an agency relationship: 1. By agreement between principal and agent or 2. By law.
  • Law of Demand

    An economic principle stating that if all other factors are constant, price and demand for a good or service are inversely related. As price increases, demand falls, and as price decreases, demand increases.
  • Law of Supply

    An economic principle stating that if all other factors are constant, price and supply for a good or service are directly related. As supply increases, price decreases, and as supply decreases, price increases.
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