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: 2001-2010 of 2049 results
  • Volatile Organic Compound (VOC)

    Human-made chemical that is emitted from products and easily vaporizes into gases that often are harmful to people or the environment.
  • Volatile-Priced Commodity

    Good whose price fluctuates.
  • Volume Discount

    Discount offered to a buyer from a seller based on increased quantity purchased, the size of the order, or total annual volume. See also: Quantity Discount, Volume Leveraging, Economies of Scale.
  • Volume Leveraging

    Use of economies of scale in negotiation between a buyer and seller to reduce the price to the entity. See also: Quantity Discount, Volume Discount, Economies of Scale.
  • Voluntary Restraint Agreement (VRA)

    An agreement between countries to limit exports or imports to a mutually agreed upon number for a specific good.
  • Voluntary Standard

    A level of quality or achievement considered acceptable or desirable for use by any person, organization, or entity, generally established by voluntary participation of interested parties.
  • VRA

  • Wage/Salary Survey

    A study of annual salary numbers or hourly wage figures for a given industry used to assess an entity's or business' comparable pay structure and practices.
  • Wages

    Money paid to an employee by an employer in exchange for work.
  • Waiver

    The intentional or voluntary relinquishment of a known right that warrants an inference that the right has been relinquished. Examples of waivers in supply management may include a waiver of certain contract requirements such as delivery dates, testing requirements, and performance standards.
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