Dictionary of Procurement Terms

Market that exhibits short-term fluctuations. Oil, minerals, agricultural products, and animal by-products typically dominate this type of market. The supply of these raw materials is frequently influenced by political forces, weather conditions, speculative financial actions, and other unpredictable reasons not governed by the laws of supply and demand.

A supplier whose bid was not accepted for reasons of price, quantity, or failure to comply with specifications.

To improve the functionality or increase the value of equipment or services.

The quantity of an inventory item consumed over a period of time expressed in units of quantity or of value in dollars.

A tax imposed on a user of goods.

Previously owned, installed, or refurbished equipment.

Fee paid for the use of a publicsector good or service.