Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

Search the Dictionary of Terms

Search Results: 1611-1620 of 2051 results

Reinsurance

A contract in which an insurance company agrees to indemnify another insurance company in whole or in part against risks the first company has assumed.
Rejection

Refusal of a delivered supply or service that does not meet contract specifications or requirements.
Relationships (between Buyer and Seller)

See Also: Buyer-Seller Relationships
Relative Price

A component of benchmarking, whereby the price of a good or service is compared to another price (i.e., a ratio of the two prices).
Remanufactured Product

A product that has been stripped and replaced with worn parts to meet the specifications of the original product.
Remedial Training

A technique used to improve or upgrade an individual’s knowledge and skills when job performance is not meeting predetermined expectations.
Remedy

The means by which a contractual right or obligation is enforced or the violation of such a right is prevented, reduced, or compensated.
Renegotiation

Deliberation, discussion, or conference to change or amend the terms of an existing contract.
Rent

Payment for the use of a good or property during a defined time period.
Replenishment Inventory Control System

A system that relies on estimated usage rates and lead time to schedule orders for delivery to maintain supply chain efficiency and avoid stock outages.

Is there a term missing from our dictionary?

Does a more concise or relevant definition apply?

Submit your comments/suggestions to our editorial board at dictionary@nigp.org