Dictionary of Procurement Terms

Statement of Requirement

A record of prequalified, prospective offerors for the purchase or sale of specific goods or services. See also: Bidders List.

The practice of identifying and selecting suppliers based on a set of criteria or following adopted procedures.

Alternative procurement plan that gives guidance to assess, evaluate, and manage the supply base in ways that are consistent with overall entity objectives.

An agent who has limited authority to perform only special tasks for its principal.

A type of procurement, as practicable under the circumstances and initiated by the head of an entity, for an unusual or unique situation. This contract is not awarded based on the application of requirements of Invitation for Bids or Request for Proposals that could be contrary to the public interest or the needs of the entity.

A fund that provides services financed from various specifically designated revenue sources, such as recreation fees used to support a specific recreation activity.