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 61 results for “O”
  • On Order

    CANADIAN The quantity of stock represented by the total of all outstanding replenishment orders that have been requested from stock, but not yet delivered or received.
  • One Hundred Percent (100%) Inspection

    Inspection of every unit of product, each of which is accepted or rejected individually for the characteristics inspected.
  • Online Transaction Processing

    A class of software programs that gather input information, process the data, and update existing data for transactions involving payment.
  • Open Account Purchase

    A purchase by a buyer who has established credit with a supplier, payment for which is to be made at some future date, in accordance with terms agreed upon when the account was established.
  • Open Bidding Service (OBS)

    CANADA An online electronic bulletin board and bid document request system that gives suppliers flexible and open access to government procurement opportunities.
  • Open Insurance Policy

    A form of insurance that covers shipments for a specified time, or a stated value, and is not limited to a single shipment; the premium is determined based on the values reported.
  • Open Market Purchase

    A purchase, usually of a limited monetary amount, from any available source.
  • Open Order

    Items of supply not delivered or not accepted by the ordering entity, leaving an incomplete or unfilled order.
  • Open-End Contract

    A contract that sets forth the general provisions of supplies and services that may be delivered or performed within a given period of time, but in which quantity and/or duration is not specified (quantity and delivery are specified with the placement of orders). See also: Price Agreement, Requirements Contract, Blanket Order.
  • Open-End Pricing

    The amount a buyer is to pay a seller for goods or services delivered based on the price in effect at the time of delivery rather than specified in a contract or purchase order. See also: Price at Time of Delivery, Price Prevailing at the Date of Shipment.
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