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Terms of Payment
The methods of payment
stipulated in a sales or purchasing contract.
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Testing
The element of inspection that
determines the physical, chemical,
performance properties, functional operation
of items, or components thereof, using
established scientific principles and
procedures.
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Theory of Constraints (TOC)
A methodology that
identifies the most important limiting factor that
prevents an organization from achieving a goal
and provides a plan to systematically address
that limiting factor until it is no longer a barrier.
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Theory X
A management theory based on the
traditional management view that employees
dislike work, so they must be forced by
management to do it.
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Theory Y
A management theory that assumes
that employees, under proper conditions, will
seek responsibility to satisfy their esteem,
social, and self-actualization needs.
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Theory Z
A management theory that emphasizes
the importance of including employees in
company decisions.
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Third Party
Any person (including companies,
partnerships, legal entities, churches,
governmental entities) who does not have a
direct connection with a legal transaction but
who may be affected by it. See also: Grantee.
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Tie Bid Preference
A policy adopted by an entity
that gives preference to a local bidder only if
the bid is identical to a bid from a nonresident
bidder, all other aspects of the bid
being equal; a way to break a tie bid. Other
preferences may include awarding the tie bid
to a diverse or disadvantaged business or a
bidder that resides within the state in which
the bidding occurred.
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Tie Bids
Bids submitted by two or more bidders
that have identical pricing. May signal
collusion.
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Time and Materials Contract (T & M)
A contract
that provides for contractor payment based
on a direct labor, hourly rate that includes
benefits, payroll taxes, overhead, and
contractor profit and provides for the cost of
materials and equipment used in
performance of the contract. See also: Labor-
Hour Contract.
