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.

Search the Dictionary of Terms

Search Results: 21-30 of 204 results for “P”
  • Patent Defect

    A defect that is obvious or easily found by a reasonable inspection.
  • Pay-Per-Click (PPC)

    An internet advertising model in which an advertiser pays a sum of money to the publisher of a website when an end user clicks on its advertisement.
  • Payback Period

    The time required to recover an investment through net cash flow.
  • Payment Bond

    A financial or contractual instrument issued by a surety that guarantees that subcontractors will be paid for labor and materials expended on the contract. Acceptable forms of payment bonds may include a cashier's check, certified check, or irrevocable letter of credit issued by a financial institution; a surety or blanket bond; United States Treasury bond; or certificate of deposit. Also known as Labor and Materials Bond.
  • Payment Terms

    The terms applicable to a payment, including any discount. See also: Prompt Payment Discount, Cash Discount, Discount.
  • pCard

  • PDF

  • Pecuniary

    Of or pertaining to money.
  • Peer/360 Evaluation

    A multiple-input employee assessment based on feedback from a full representation of an employee’s colleagues, including superiors, supervisors, subordinates, peers, internal clients, and other stakeholders to provide comprehensive professional feedback.
  • Penalty Charge

    A clause in a contract specifying the sum of money to be paid if the contractor defaults on the terms of the contract, particularly with respect to time. See also: Liquidated Damages, Damages.



Is there a term missing from our dictionary?


Does a more concise or relevant definition apply?


Submit your comments/suggestions to our editorial board at dictionary@nigp.org