Dictionary of Procurement Terms

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Search Results: 111-120 of 204 results for “P”
  • Prime Contractor

    The business entity that has entered into a contract with a jurisdiction.
  • 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.
  • 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.
  • Priority

    The degree of precedence given to a particular item or task over other items or tasks.
  • Private Carrier

    A transportation line not engaged in business with the general public. See also: Common Carrier, Contract Carrier.
  • 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.
  • 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.
  • 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.
  • 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.
  • Pro-Forma

    A document created before all details have been determined, usually followed by the issuance of a final version.



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