Dictionary of Procurement Terms

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Search Results: 71-80 of 184 results for “S”
  • SME

  • SMI

  • Social Cost

    Cost paid by a supplier or consumer that must be included in production and consumption decisions and any other external costs to society arising from the production or consumption of a good or service.
  • Social Responsibility

    An ethical theory that states businesses and people have a duty to act in the best interests of society as a whole.
  • Socioeconomic Program

    The government's use of public procurement to help implement public policy (e.g., living wage requirements in contracts and disadvantaged business goals).
  • Soft Currency

    A medium of exchange (i.e., money) that is highly sensitive and fluctuates frequently (predominately lower) in reaction to a country's economic or political uncertainty.
  • Sole Proprietorship

    An unincorporated business that is owned and operated by one individual with no distinction made between the owner and the business.
  • Sole Source Procurement

    A non-competitive method of procurement used when only one supplier possesses the unique ability or capability to meet the particular requirements of the entity or when only one supplier is practicably available.
  • Solicitation

    An Invitation for Bids, Request for Proposals, telephone call, or any document used to obtain bids or proposals for the purpose of entering into a contract. See also: Tender.
  • Solicitation Protest




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