Dictionary of Procurement Terms

Dictionary of Procurement Terms

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

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Search Results: 1971-1980 of 2051 results
  • Used Equipment

    Previously owned, installed, or refurbished equipment.
  • User Charge

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

    1. A department or unit of government that requests goods or services through a central procurement organization. 2. A participant in a cooperative procurement contract.
  • Utility

    1. A service provided to the public or the company providing such a service (e.g., water, gas, sewage, and electricity). 2. The state or quality of being useful, beneficial, or profitable; functional.
  • Value

    A fair return on investment.
  • Value Added

    1. Feature or benefit added to an existing good or service that increases its usefulness or worth to the buyer or end user. 2. The increased worth of a good or service as it progresses through production and distribution.
  • Value Analysis

    A critical and systematic assessment of the functions of a good or service to ensure the cost of the good or service is no greater than is necessary to perform the functions of that good or service and meet standards, specifications, procedures, and practices. See also: Value Engineering.
  • Value Engineering (VE)

    An organized, systematic approach to providing the necessary functions in a project at the lowest possible cost by substituting methods and materials with less costly alternatives without negatively affecting functionality. See also: Value Analysis.
  • Value Incentive Contract

    A fixed-price contract with a provision for rewarding the supplier for faster delivery or superior performance.
  • Value Proposition

    A statement used by a company to differentiate its overall offerings in the marketplace to increase the attractiveness of its goods and services by highlighting and explaining features, benefits, or innovations.



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