Dictionary of Procurement Terms

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  • Waiver of Bids

    A process, usually statutory, whereby a procurement department may source items without formal bidding procedures.
  • Waiver of Minor Irregularity or Informality

    The act of disregarding minor errors or technical nonconformance in the offer that will not adversely affect the competition or prejudice one offeror in favor of another.
  • Warehouse

    A structure used for the storage of material that provides protection against theft, damage, or deterioration.
  • Warehouse Credit

    Credit used for requisitioned supply or supplies found to be in excess of requirements and that must be returned to a warehouse.
  • Warehouse Receipt

    An instrument showing that the signer has possession of certain described goods for storage, obligating the signer to deliver the goods to a specified person, or to that person’s order, or bearer, upon return of the instrument.
  • Warehouse Requisition

    A document prepared by a department or entity to remove items stocked in inventory from a warehouse.
  • Warehousing

    The performance of the administrative and physical distribution functions incidental to and required in the conduct of the storage activity.
  • Warranty

    A promise made by a seller to a buyer that is legally enforceable. The promise may be expressed or implied and is legally binding.
  • Warranty of Fitness for a Particular Purpose

  • Warranty of Merchantability

    See Implied Warranty of Merchantability.



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