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Prime Contractor
The business entity that has
entered into a contract with a jurisdiction.
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Principal
1. One who employs an agent.
2. A person who has authorized another to act
for him/her.
See also: Law of Agency, Buyer, Agent.
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Principle
1. A basic truth, law, or assumption,
2. A rule or standard of behavior.
3. A rule of conduct that derives from ethical
values.
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Priority
The degree of precedence given to a
particular item or task over other items or
tasks.
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Private Carrier
A transportation line not engaged
in business with the general public. See also:
Common Carrier, Contract Carrier.
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Private Label
A product or range of products
offered by a retailer under its own name or
under a brand that it owns. These products
compete with branded goods.
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Private Sector
The part of an economy in which
goods and services are produced by
individuals and companies, rather than
government and non-profit sectors. While the
ultimate aim of the private sector is to secure
a profit, the government and nonprofit sectors
aim to achieve other objectives, such as
improving the health and protection of citizens.
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Privatization
The divestiture of management,
assets, and responsibility of a public function
to the private sector. The functions formerly
performed by the public entity become
controlled and owned by a private supplier.
The divestiture may include the transfer of
real and personal property.
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Privity of Contract
The direct contractual
relationship between the parties to a contract
that allows either party to enforce contractual
rights against the other and seek remedy if
appropriate.
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Pro-Forma
A document created before all details
have been determined, usually followed by
the issuance of a final version.
