Dictionary of Procurement Terms

Ongoing contractual financial obligations incurred by a business, such as retiree benefits and insurance.

Outdated, sometimes archaic, information technology systems in use well beyond the availability of newer systems.

The limiting effect that an existing ordinance, statue, or law may have on an entity's decision-, or the lack of such an ordinance, statute, or law.

A public notice required by law, ordinance, or executive order. Generally placed in a newspaper of general circulation, or posted on a website, magazine, or other media, depending on the specific legal requirements.

One of the six elements of a valid, enforceable contact that states the object of, or reason for, a contract must be legal.

A document or situation that contains terms or conditions that are contrary to law and may thus make an award impossible.

A source of public procurement law that may include written constitutions, statutes, ordinances, and charters.

1. A quantity of freight that is not sufficient to constitute a full carload. 2. A freight rate that is usually higher than the rate for a full carload.

A quantity of freight less than the amount necessary to constitute a full truckload.

The party to whom a lease is granted.