Dictionary of Procurement Terms

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Search Results: 21-30 of 184 results for “S”
  • Scrap

    1. Salvageable materials with a market value that are damaged, defective, or deteriorated. 2. Remaining residue from operations after a project is completed. The value of such materials exceeds the expenses required to sell them. See also: Rubbish, Waste.
  • Sealed Bid

    A formal submission from a bidder submitted in response to an Invitation for Bids (IFB). The bid is submitted in a sealed envelope to prevent its contents from being revealed before the time and date set for the bid opening.
  • Search Cost

    The money, time, and energy expended by a buyer to research a good or service for purchase.
  • Seconds

    Usable products containing imperfections or slight defects that may be marked down below typical list price.
  • Selective Distribution

    A form of market coverage whereby only a small number of all available outlets are used to expose products. (Business 2002)
  • Self Evaluation

    A self-assessment of the way a person views themself and their work performance and accomplishments.
  • Self Insurance

    Maintaining funds rather than purchasing an insurance policy to cover a loss.
  • Self-Directed Work Team

    A group of employees who organize and manage themselves and their work.
  • Seller’s Lien

    A lien in favor of a supplier granting the supplier the right to withhold goods sold, surrendering them only upon receipt of payment.
  • Seller’s Market

    An economic situation in which demand exceeds supply, allowing sellers to keep prices high.



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