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: 1-10 of 61 results for “O”
  • Objective

    A specific, measurable, and observable result of an organization’s activity that advances the organization toward its goal.
  • Obligation

    A legal requirement for the disbursement of funds as a result of orders placed; contracts awarded; supplies, services, or construction received; or other contractual activity.
  • OBS

  • Obsolescence

    The process of a commodity becoming outdated, antiquated, superseded, or no longer used.
  • Obsolete Supplies/Equipment

    Items that are out of date, no longer in use, or are effectively unusable (e.g., 8-track audio tapes and floppy computer disks). Obsolete supplies/equipment become outdated due to new technology, new regulations, or new procedures instituted by the entity. See also: Surplus.
  • Occupational Safety and Health Administration (OSHA)

    A division within the U.S. Department of Labor that was created by the OSHA Act of 1970. OSHA’s mission is to assure safe and healthful working conditions for working men and women by setting and enforcing standards and by providing training, outreach, education, and assistance.
  • Ocean Bill of Lading

    A receipt detailing a list of marine-transported goods from the carrier to the consignee.
  • OCR

  • OEM

  • Off-the-Shelf

    Readily available stock item not requiring special order or modification.
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