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: 11-20 of 35 results for “V”
  • Variable Cost

    A business expense such as raw materials, utilities, or payment to hourly employees that changes in proportion to the level of output.
  • Variable-Margin Pricing

    A pricing strategy in which a supplier is willing to sell a good or service to a buyer at a lower profit margin or even at a loss in the hope that the buyer will purchase other goods or services at a higher profit margin for the seller.
  • Variety Reduction

    The minimization and control of new materials, parts, equipment, procedures, and methods used to produce a good or service through standardization, simplification, and specialization.
  • VAT

  • VE

  • Vendor

    A seller of goods or services whereby the exchange is solely transactional. “Supplier” is the preferred term when a longer-term or strategic relationship is involved. See also: Supplier.
  • Vendor Complaint Form

    A form completed by the using agency to document unacceptable vendor performance.
  • Vendor File

  • Vendor’s Lien

  • Verbal Contract

    An agreement that is oral and not in writing. Usually enforceable if under $500.
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