Dictionary of Procurement Terms

Any buying organization not located in a state or jurisdiction that, if it were located in the state or jurisdiction, would qualify as a public procurement unit.

A benefit or cost borne by a third party but not by the producer.

An intranet that authorized third parties can partially access, enabling them to exchange electronic information securely.

An Alternative Dispute Resolution (ADR) process that involves the use of techniques to improve the flow of information between the parties to a dispute. This technique may also be applied to decisionmaking meetings in which a specific outcome is desired.

Buildings, land, equipment, or any tangible capital asset, wherever it is located, whether it is owned or leased.

An alternative dispute resolution (ADR) technique that uses an impartial expert (or group) selected by the parties to the dispute. The expert has the authority to appoint a factfinder to determine the facts in the case.

A price that is fair to both contracting parties, considering the market range for the good or service, agreedupon conditions, promised quality, and timeliness of contract performance.

The price for an item upon which the buyer and seller agree in an open market when both are fully acquainted with market conditions.