Dictionary of Procurement Terms

Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

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Search Results: 31-40 of 72 results for “T”
  • Time Utility

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

    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.
  • Time-Critical-Shipment

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

  • Title

    The instrument or document whereby ownership of property is established.
  • TL

  • TOC

  • Token Bid

    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.
  • Tolerance

    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.
  • Tort

    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.



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