Dictionary of Procurement Terms

The procurement of items that require long lead times, or are required in extraordinary quantities, in advance of the fiscal year in which the product, service, or construction is required.

Payment agreed upon disbursement between buyer and seller made prior to the delivery of the contracted goods or services. Payment may be for a stated amount or for a percentage of the purchase price. See also: Partial Payment, Progress Payments.

The procurement of items that require long lead times, or are required in extraordinary quantities, in advance of the fiscal year in which the product, service, or construction is required.

A notice sent to the buyer advising that a shipment has been released.

To make a public announcement or legal notice of a solicitation with the goal of increasing the response and broadening the field of competition; often required by law or policy.

A written statement of facts or written declaration provided by one party that may be made under oath before an authorized official.