A response to a solicitation that, if
accepted, would bind the offeror to honor
what was submitted.
The person/entity to whom an offer is
made in response to a solicitation.
A generic term that refers to an
individual or business that submits an offer in
response to a solicitation. See also: Proposer,
Office of Management and Budget (OMB)
Federal entity that assists the president of the
United States in meeting policy, budget,
management, and regulatory objectives. The
OMB has management responsibility for the
oversight of federal funds distributed to state
and local governments. OMB issues circulars
that contain formal policy guidance for
procurement professionals in the U.S.
Direct administrative or
operating authority, whether intermediate or
final, either exercised alone or with others,
either personally or through subordinates, to
approve, disapprove, or otherwise direct
A market situation in which a few
companies control or dominate the market for
a product or service.
A structure in which power or market
share is held by a few businesses, families, or
individuals. See also: Imperfect Competition.
OMB Circular A-102
“Grants and Cooperative
Agreements with state and local
governments.” This circular establishes
consistency and uniformity among federal
agencies in the management of all federal
cooperative agreements and grants with state
and local governments. The 1988 version
revised the 1981 version and rescinded
Attachments A through P of the circular. See
also: Uniform Administrative Requirements for
Grants in Aid to States and Local
OMB Circular A-110
Requirements for Grants and Agreements
with Institutions of Higher Education,
Hospitals, and other Non-Profit
Organizations.” Issued by the Office of
Management and Budget (OMB), this circular
governs the administration of purchases
made by institutions of higher education, hospitals, and other non-profit organizations
with federal funds.