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General Contractor (GC)
A contractor delegated
with the entire responsibility and risk for the
day-to-day management and contract
performance of a construction project
designed by a third party.
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General Fund
A fund used to track revenues and
expenditures that support all services not
assigned to other funds.
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General Ledger
A book or computer file with
separate sections for each financial account.
(Business 2002)
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General Obligation Bond
A municipal bond
secured by all available resources—including
power of taxation—of the issuing entity to
repay bond holders.
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General Provisions
The part of a contract (e.g., a
bid or proposal) that contains all of the
standard clauses and requirements. See also:
Boilerplate.
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General Terms and Conditions (Ts and Cs)
Standard provisions (i.e., clauses) in a
solicitation or contract that deal primarily with
the contractual obligations of the parties. See
also: Boilerplate.
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Generally Accepted Accounting Principles (GAAP)
Uniform minimum standards for financial
accounting and recording that encompass the
conventions, rules, and procedures that
define accepted accounting principles.
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Generic/Generic Name
Relating to a whole class
of goods and services without a brand name
or trademark.
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Gift
Something of economic value given to a
public official or a public official’s relative
without the exchange of consideration that is of
equivalent value.
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Globalization
Oversees business expansion and
operation on a worldwide level. The internet
and other technology developments have
facilitated this phenomenon. In public
procurement, purchasers exchange goods
and services worldwide.
