A term used when
specifications or terms and conditions limit
competition arbitrarily, without reasonably
promoting the fulfillment of the procurement
needs of a contracting authority.
An offer submitted by a
contractor/supplier or consultant in the
absence of a bid or solicitation from a buyer.
May be submitted in response to a perceived
need but not in response to a buyer’s formal
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.