Dictionary of Procurement Terms

An individual who possesses exceptional skill and knowledge in a particular area of expertise. Generally, the SME understands technical details and terminology, is current with changing trends, and possesses historical knowledge. Procurement may invite SMEs to provide technical assistance or to serve on evaluation committees. (Business 2002)

The substitution of one person in place of another with reference to a lawful claim, demand, or right, so that the one substituted succeeds to the rights of the other in relation to the debt or claim and its rights, remedies, and securities. (Black's Law Dictionary 1990)

Money paid, usually by a government, to keep prices below what they would be in a free market, or to keep alive businesses that would otherwise fail. Subsidies can be a form of protectionism by making domestic goods and services artificially competitive against imports. (Schiller, 2000)

Good/product for which an increase (or fall) in demand for one leads to a fall (or increase) in demand for another (e.g., Ford vs.GM, Pepsi vs. Coke, Dell vs. Hewlett Packard). (Schiller 2000)

Developing and implementing strategies to address any identified leadership pipeline or workforce gaps.

Florida’s “In the Sunshine Law,” commonly referred to as the “Sunshine Law,” provides a right of access to governmental proceedings of public boards or commissions at both the state and local levels.

Any contract, addendum, or modification accomplished by the mutual action of both parties to the contract.

An individual or business that provides goods or services, usually for other than lowcost, low-risk, and short-term engagements. See also: Vendor.

A review conducted of specific suppliers to assess their qualifications, availability, performance, past performance, and product quality; to look at specific traits and elements of that specific supplier as opposed to the aggregate. See also: Market Analysis, Demand Analysis.