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: 21-30 of 68 results for “L”
  • Legacy Costs

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

    Outdated, sometimes archaic, information technology systems in use well beyond the availability of newer systems.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

    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.
  • Legal Notice

    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.
  • Legality of Purpose

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

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

    A source of public procurement law that may include written constitutions, statutes, ordinances, and charters.
  • Less-Than-Carload (LTC)

    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.
  • Less-Than-Truckload (LTL)

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

    The party to whom a lease is granted.
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