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: 61-68 of 68 results for “L”
  • Long Term Contract

    A decision to contract with a specified supplier over an extended period of time.
  • Lot Tolerance Percent Defective (LTPD)

    The percentage of defective items that a customer is willing to accept.
  • Lowball

    1. A negotiation tactic in which the initial offered price is low and is then raised once interest is shown. 2. A price offered that is far below an estimated or expected price. See also: Buying In.
  • Lowest Responsive and Responsible Bidder

    The Bidder who fully complied with all of the bid requirements and whose past performance, reputation, and financial capability is deemed acceptable, and who has offered the most advantageous pricing or cost benefit, based on the criteria stipulated in the bid documents.
  • LTC

  • LTL

  • LTPD

  • Lump Sum

    1. An aggregate or lot price that may represent the total price for a group of items in place of or in addition to unit prices for each individual item. 2. The total price of a group of items that is priced as a whole for bidding purposes.
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