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: 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.



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