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: 1-10 of 41 results for “U”
  • UCC

  • UL

  • Ultra Vires Action

    An action that is beyond the powers granted by authority or by law.
  • UMA

  • Unallowable Cost

    Expense incurred by the contractor that does not meet the authorized criteria under the contract terms.
  • Unbalanced Bid

    A bid that contains pricing aberrations. This may happen in time and material contracts or in construction contracts in which upfront payment may be made for mobilization. Unbalanced bids may be deemed to be non-responsive and may be both mathematically and materially unbalanced. Many public entities use a bid analysis procedure to help identify unbalanced bids. (Martin and Miller 2006) See also: Front-End Loading.
  • Unbundling

    Dividing a service into smaller portions to encourage competition. Frequently done on the basis of geography. For example, a large service area, such as a city or county, is divided into smaller geographical regions.
  • Unconscionability

    A defense that may be used against enforcement of a contract or a part of a contract on the grounds that it is oppressive or unfair to one party.
  • Undercapitalization

    A financial situation that occurs when a business does not have adequate capital to meet its normal business expenses and pay its creditors.
  • Underwrite

    The acceptance of liability for a third party to guarantee payment in the event of loss or damage, for a fee.
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