Dictionary of Procurement Terms

A process of scientific discovery and application of knowledge in which new products are created and uses are found for them.

The estimated value, or salvage value, of a fixed asset at the end of their useful life or lease term.

A supply or stock of assets, such as materials or money, that can be used in production.

A supplier who submits a response to a Request for Qualifications (RFQu), Expression of Interest (EOI), Request for Information (RFI), Qualifications Based Selection (QBS), or other solicitation types, methods, or processes whereby price is not a factor in the evaluation process for award determination. See also: Offeror, Proposer, Bidder.

A supplier with the integrity and reliability as well as the financial and technical capacity to perform the requirements of the solicitation and subsequent contract. See also: Qualified Bidder.

A bid, proposal, or offer that fully conforms in all material respects to the solicitation and all of its requirements, including all form and substance.

Charge imposed by some sellers when accepting a return for what was purchased.

The effect of an act, contract, conspiracy, or combination that eliminates or stifles competition, artificially maintains prices, or otherwise hampers or obstructs the course of trade and commerce as it otherwise would be if left to the control of natural and economic forces.

1. Specifications that unnecessarily exclude a potential bidder or proposer from competing for a procurement. Precludes full and open competition. 2. The effect of an act, contract, conspiracy, or combination that eliminates or stifles competition, artificially maintains prices, or otherwise hampers or obstructs the course of trade and commerce as it would be if left to the control of natural and economic forces.