Dictionary of Procurement Terms

Fund used to account for grouped activities that receives significant revenue from fees and charges for those activities. An enterprise fund charges external end users, while an internal services fund is paid by internal entity employees. See also: Internal Service Fund, Enterprise Fund.

The economic policy of promoting favored domestic industries through the use of high tariffs and other regulations to discourage imports. Historical variants of this policy have included mercantilism, a trade policy aimed at maximizing currency reserves by running large trade surpluses; and import substitution, a trade policy in which targeted imports are replaced by local manufactures to stimulate local production.

A written objection by an interested party to a solicitation or award of a contract with the intention of receiving a remedial result.

1. A document drafted before ratification in which the details of a formal agreement or treaty between countries is described. 2. A standardized set of rules for the transmission of data. 3. A code of conduct (e.g., academic or safety protocols).

An initial version or working model of a new product or invention. Usually constructed and tested to evaluate the feasibility of a design and to identify problems that need to be corrected.

The process of opening and reading bids at the time and place specified in a solicitation and in the presence of anyone who wishes to attend.

An entity subject to or created by a governmental jurisdiction.

Legislation and regulations governing the financial activities of an entity.

Beneficial results to the community, usually from the provision of a good or service by an entity.

Legislation and regulations governing relationships between the government and individuals; includes municipal, international, criminal, constitutional, and administrative law.