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Stare Decisis
Latin phrase meaning, "To stand by
things decided." A judicial doctrine in which
courts follow the standards, rules, and
principles of previous court cases that share
the same set of facts (a precedent).
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Startup
A company in the first stages of
operation founded by one or more
entrepreneurs to develop a unique good or
service and bring it to market.
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State-Use Law (Industries)
State or federal law or
executive order that creates a preference for
entities to purchase goods or services
produced or provided by correction/prison
industries.
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Statement of Account
A detailed listing, usually
prepared by the supplier, of transactions
taking place over a stated period, usually
concluding with the open or unpaid balance.
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Statement of Work
A written description in a
contract detailing performance expectations
and deliverables between the contracting
parties. After a supplier has been selected,
the statement of work becomes the basis for
the contract and must provide sufficient
information to meet the entity’s needs and
achieve successful outcomes, define the
expectations of the parties, set price and
payment schedules, and mitigate or avoid
disputes.
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Statistical Process Control (SPC)
A method,
technique, or procedure to analyze or monitor
a process. SPC looks to achieve or maintain a
state of control, improve a process capability,
and remove waste. Much of the benefit of SPC
lies in its ability to examine a process
measure output. Used mainly in
manufacturing lines, SPC seeks to provide in
the government environment “continuous
product or service improvements,” leading to
reduced wait times.
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Statute
Written law approved by legislatures,
parliaments, or houses of assembly;
legislation.
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Statute of Frauds
A federal act that requires
certain kinds of contracts be memorialized
and signed in writing with sufficient content to
evidence the contract. Examples include sales
of goods over $500 (not services); promises
to pay the debt of another; sales of land or
interest in land; agreements with a duration of
more than one year; agreements in
consideration of marriage.
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Statutory Law
The written law established by
enactments of government that express the
will of the legislature. While a statute refers to
written law, common law refers to unwritten
law. Statutes are written at all levels of
government.
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Stock
An item maintained on hand in a supply
system to meet future needs. May be held in
an inventory control system and issued on
demand.
