Dictionary of Procurement Terms

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Search Results: 11-20 of 99 results for “R”
  • Reactive Maintenance

    Repairs or maintenance to broken-down equipment only when necessary to avoid disrupting production.
  • Real Property

    1. Land and its permanently affixed buildings or structures. 2. Any property that is not personal property.
  • Reasonable Cost

    A cost that by its nature or amount does not exceed what would normally be incurred by an ordinarily prudent person in the conduct of competitive business. Often used in the context of “fair and reasonable” cost/price.
  • Rebate

    A sum of money returned by the supplier to the buyer in consideration of the purchase of an agreed-upon amount, quantity, or value of goods and services, generally within a limited time period.
  • Rebilling

    In freight handling, the act of issuing a new waybill at a junction point to which shipment has been billed by a connecting line.
  • Receipt

    Written acknowledgement that one party has obtained money or something of value from another party without affirmative obligation upon either party.
  • Receiving

    The function of accepting raw materials and other goods that are brought to an entity.
  • Receiving Inspection

    Comparing materials and services received to written specifications.
  • Receiving Report

    A document used in the receiving and inspection process that identifies the item, quantity, and date of delivery. It may also note any discrepancies or problems.
  • Reciprocal Preference

    When the policy or procedures of one jurisdiction favor its own suppliers in procurement selections; in turn, other jurisdictions may apply like measures against the suppliers from the first jurisdiction.
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