Dictionary of Procurement Terms

The lifecycle of a system from development through final disposition.

An agreement between parties whereby the borrower promises to repay the lender, generally with interest, at a later date.

A method of correcting an overcharge, paying a trade rebate, or crediting the value of goods returned.

A company or person to whom money is owed or who provides credit.

Mapping the time needed for the longest sequence of essential and dependent activities for a project or production.

City of Richmond v. J.A. Croson Co. was a legal case in 1989 in which the U.S. Supreme Court held that the City of Richmond Virginia’s minority set-aside program—which gave preference to minority business enterprises (MBE) in the awarding of municipal contracts—was unconstitutional under the Equal Protection Clause.