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Incoterms
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Incurred Costs
Actual cost rather than
estimated cost.
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Indefinite Delivery
Term that refers to when a
contract does not specify a delivery date or
dates but does include a time range during
which the delivery could take place.
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Indefinite Delivery (ID) Contract
A type of
contract in which the time of delivery is
unspecified in the original contract, but rather
is determined by the procurement
professional during contract performance.
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Indefinite Delivery with a Definite Quantity
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Indefinite Quantity (IQ) Contract
A type of contract
that provides for the delivery of indefinite
quantities—within stated limits—of supplies or services. These supplies or services are to be
furnished during a fixed period, with deliveries
or performance to be scheduled by placing
orders with the contractor.
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Indefinite Quantity and Delivery
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Indemnification
An agreement of one party to a
contract to hold the other party to the contract
harmless, or to secure or give security for the
reimbursement of any loss or damage.
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Indemnify
1. To protect against hurt or loss; to exempt from
incurred penalties or liabilities.
2. To compensate or pay for damage.
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Independent Contractor
A worker hired by a
business or public entity to accomplish a
given result who has the right to control or
direct their own work as to the details and
means by which the desired results are
achieved.
