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: 101-110 of 204 results for “P”
  • Price Protection

    Sales agreement granting a purchaser any reduction in price the supplier may establish prior to shipment of the goods; sometimes extended for a period beyond the date of shipment.
  • Price Range

    The difference between the lowest and highest prices for a good or service during a specific time period.
  • Price Rebate

    A reduction in price, usually given after the completion of the contract and based on the quantity or value of goods purchased.
  • Price Reduction

    1. A decrease in the assigned value for a commodity or service exchanged relative to its worth determined in some previous time period. 2. The reduction of an agreed-upon price (to be paid by the buyer) that is lower than the price previously paid. See also: Cost Reduction, Cost Savings.
  • Price Skimming

    A pricing strategy in which a seller initially charges a higher price for a good or service and then lowers the price as demand declines.
  • Price Stability

    Economic term used to describe a period of time during which prices remain unchanged or change at a slow rate.
  • Price/Earnings (PE) Ratio

    The price of a stock share divided by earnings per share. (Business 2002)
  • Pricing

    The process of establishing a reasonable amount to be paid for goods and services; generally includes labor, material, ancillary costs, and profit.
  • Pricing Data

    Factual information about prices for goods and services that are substantially similar to those being procured; can include offered or proposed selling prices, historical selling prices, and current selling prices.
  • Prime Contract

    A contract entered into by a public entity with a business entity for the purpose of obtaining supplies, services, or construction items of any kind.



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