Dictionary of Procurement Terms

An advocacy group that acts as a national lobby group for Canadian elected officials to promote a strong, effective, and accountable municipal government.

1. A sum of money paid for some service. 2. A charge or payment, usually for professional or technical services.

Insurance against losses resulting from the dishonesty of an employee.

A legal obligation to act solely in accordance with the best interests of another party.

Monies used to account for assets held in a trustee or agency capacity for others and which cannot be used to support the entity’s own programs.

A type of purchase order with a pre-approved maximum value used to expedite the procurement of nonrecurring goods and services necessary for business operations under delegated authority to field staff. An FPO is used for occasional, unexpected business expenditures (e.g., the breakdown of a company vehicle in the middle of a delivery trip).