Dictionary of Procurement Terms

The added value that results when a supplier makes a good or service available at a convenient or desirable time for customers.

The concept that an amount of money is worth more now than the identical sum would be worth in the future, based on the financial principle that money can earn interest.

Guaranteed, urgent transport service that comes with different unique options, such as special handling and care.

The instrument or document whereby ownership of property is established.

A perfunctory offer submitted by a bidder with no serious intent of being the lowest bidder, usually submitted when the bidder wishes to maintain eligibility on the bidders list, or as a collusive device.

A specified allowance for variation in weight, size, or other designated measurement; the range of allowable deviation within which an item or service is classified as acceptable.

A civil wrong that causes a party to suffer harm or loss, thereby creating a legal liability on the party causing that harm or loss.