Dictionary of Procurement Terms

An advantage or favor given or expected in exchange for something else. Latin phrase meaning, "this for that" or "something for something."

An allotment such as a quantity of a good or service that may be allowed (imports) or required (piecework) over a set period of time.

A statement of price, terms of sale, and description of goods or services offered by a supplier to a prospective purchaser; may be non-binding if solicited to obtain market information for planning purposes.

An informal purchasing process that solicits pricing information from several sources.