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: 31-35 of 35 results for “V”
  • Volume Discount

    Discount offered to a buyer from a seller based on increased quantity purchased, the size of the order, or total annual volume. See also: Quantity Discount, Volume Leveraging, Economies of Scale.
  • Volume Leveraging

    Use of economies of scale in negotiation between a buyer and seller to reduce the price to the entity. See also: Quantity Discount, Volume Discount, Economies of Scale.
  • Voluntary Restraint Agreement (VRA)

    An agreement between countries to limit exports or imports to a mutually agreed upon number for a specific good.
  • Voluntary Standard

    A level of quality or achievement considered acceptable or desirable for use by any person, organization, or entity, generally established by voluntary participation of interested parties.
  • VRA

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