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: 351-360 of 2051 results

  • Collusive Bidding

    A secret agreement among suppliers to control prices when submitting bids in an attempt to win contracts by illegal means or methods.

  • Combustible Liquid

    Category for a pure chemical compound with a flashpoint between 100ºF - 200ºF (37.8ºC - 93.3ºC). (OSHA 2020)

  • Command Economy

    A system in which key economic functions (e.g., what is produced, how it is produced, and price) are determined by a central government rather than a free market.

  • Commerce Business Daily (CBD)

    A daily publication of the U.S. Department of Commerce that lists U.S. government solicitations, contract awards, subcontracting leads, sales of surplus property, and foreign business opportunities.

  • Commercial Grade Product

    A product that has been designed and sold by a manufacturer to be more durable, more powerful, longerlasting, and with a larger capacity in comparison to its consumer-grade product counterpart. A commercial-grade product is designed to meet a more complex, demanding application or operating need and costs more than a consumer-grade product. Generally, the component parts of a commercial-grade product are of a higher quality and consist of more durable materials (such as motor parts and bearings that are metal rather than plastic) that are generally not visible to the end user but result in longer product life and better performance. See also: Consumer Grade Product

    See Also: Consumer Grade Product

  • Commercial Law

    Body of law that regulates the rights, conduct, and relations of people and businesses engaged in public commerce.

  • Commercial Paper

    Unsecured debt promissory note issued by businesses for short-term liabilities.

  • Commission

    1. The compensation of an agent or broker when calculated as a percentage of the amount of the transaction or the profit to the principal. 2. An allowance to a sales representative or agent for services rendered.

  • Commission Merchant

    An agent or broker who buys or sells goods for others in return for a commission.

  • Commitment Authority

    CANADA The authority delegated to appropriate officers to confirm before a commitment is entered into that there is a sufficient unencumbered balance to discharge such commitment.
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