Dictionary of Procurement Terms

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, Responder, Bidder.

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 governmental action.

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.

“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 The 1988 version revised the 1981 version and rescinded Attachments A through P of the circular.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 Governments.

“Uniform Administrative 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.