Dictionary of Procurement Terms

A document prepared by the National Institute of Municipal Law Officers that includes standards against which an entity can compare its procurement laws.

A physical science laboratory in the U.S. with the mission to foster innovation and build confidence in quantitative biology and biomaterial measurements across government and industry in support of the bioeconomy.

Digits 7 to 13 of a North Atlantic Treaty Organization (NATO) stock number that are non-significant, but sequentially assigned by each National Codification Bureau to a unique item of supply.

A list of all items, in theory, that could possibly be transported by a common carrier. The list has a class associated with each item that is determined its by storability, density, handling characteristics, and value. Class (along with distance and weight) is used by the common carrier of the goods to determine the rate of the shipment. See also: Class Rate.

An asset that occurs in nature and can be used as a raw material for economic production or consumption (e.g., water, forests, and mineral deposits).

To communicate or confer with another party to reach an agreement or compromise to settle some matter.

A process of planning, reviewing, analyzing, and conferring used by two or more parties to reach a mutually acceptable agreement in a contracting relationship.

A group of people, typically including a procurement professional, project manager, technical staff, financial analyst, and legal expert with the essential skills or knowledge necessary to reach a sound agreement. See also: Evaluation Committee/Team.

Payment for goods sold, to be made within a rather short period with no deduction allowed from the invoice price.

Contractual agreement in which the lessee pays, in whole or in part, expenses other than the rental fee (e.g., maintenance costs, taxes, and insurance fees).