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: 141-150 of 2051 results
  • Bank/Banker’s Acceptance

    A draft or bill of exchange drawn on a bank and acknowledged as valid by that bank.
  • Bankruptcy

    A legal proceeding whereby a person or organization seeks relief from payment of all or part of their debts.
  • Bar Code

    A pattern of numbers and parallel bars (read by a handheld device) that represent specific items and are used to manage inventory.
  • Bargaining

    In a negotiation, discussion or persuasion that can lead to changes in initial assumptions and positions with respect to price, schedule, technical requirements, or contract terms.
  • Bargaining Unit

    A specific group of employees represented by a union. A group of employees who collectively negotiate with management for wage and benefit enhancements. (Business 2002)
  • Barriers to Entry

    Obstacles (such as high start-up costs, intellectual property, or tariffs) that may prevent new suppliers from entering the marketplace.
  • Barter

    1. A medium of exchange that does not use currency. 2. Trading or exchanging goods and services by means of exchange other than money. 3. A form of countertrade used in international business.
  • Basis Point

    One hundredth of one percent; primarily used to indicate incremental movements in interest or exchange rates.
  • Battle of the Forms

    A colloquial reference to various forms that are exchanged between buyer and seller (i.e., the contracting parties) to have their document prevail in the event of a disagreement. See also: Acknowledgement.
  • Bear Market

    An economy experiencing a prolonged period of falling stock values. See also: Bull Market.



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