Dictionary of Procurement Terms

A sum of money returned by the supplier to the buyer in consideration of the purchase of an agreed-upon amount, quantity, or value of goods and services, generally within a limited time period.

In freight handling, the act of issuing a new waybill at a junction point to which shipment has been billed by a connecting line.

Written acknowledgement that one party has obtained money or something of value from another party without affirmative obligation upon either party.

The function of accepting raw materials and other goods that are brought to an entity.

Comparing materials and services received to written specifications.

A document used in the receiving and inspection process that identifies the item, quantity, and date of delivery. It may also note any discrepancies or problems.

When the policy or procedures of one jurisdiction favor its own suppliers in procurement selections; in turn, other jurisdictions may apply like measures against the suppliers from the first jurisdiction.

1. The mutual, reciprocal, or cooperative interchange of sales or favors by businesses, illegal under the Sherman Antitrust Act. 2. When jurisdictions agree to give full recognition to a license or credential conferred by another jurisdiction.

CANADIAN An authorized officer’s signature (within a department).

1. A privilege extended to shippers allowing goods to be forwarded to a point other than the original destination without removal from the carrier and at the through rate from initial point to that of final delivery. 2. A change, as in consignee, destination, or route, in the original billing of goods in transit.