Dictionary of Procurement Terms

Item that requires special controls beyond those normally employed.

An item that is readily available and purchased often and with little effort.

The transformation of an item into another form (e.g., manufacturing).

Administrative costs, including personnel- or material-related costs that are incurred as the result of a change in service delivery from inhouse to a privatized contract.

The degree or ease with which one country's currency can be converted into another nation's currency.

1. A formal written instrument, usually called a deed, by which title or other interest in real property is transferred from one person to another or from the owner to another person or entity. 2. A means of transporting goods or people.

A federal grant that supports a joint federal/state program in which the grantor (federal government) and the grantee (state government) share in the management decisions about the funded activity.

An alternative dispute resolution (ADR) technique that does not use a third party and typically takes place when the concerned parties agree to resolve a question or issue of mutual concern.

1. The action taken when two or more entities combine their requirements to obtain the advantages of volume purchases, including administrative savings and other benefits. 2. A variety of arrangements, whereby two or more public procurement entities purchase from the same supplier or multiple suppliers using a single Invitation for Bids (IFB) or Request for Proposals (RFP). Cooperative procurement efforts may result in contracts that other entities may “piggyback.” See also: Consortium.