Dictionary of Procurement Terms

Dictionary of Procurement Terms

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Search Results: 1-3 of 3 results for “Surplus”
  • Budget Surplus

    Amount by which revenue exceeds expenses during a set period of time.
  • Labor Surplus Area (LSA)

    A civil jurisdiction that has a civilian average annual unemployment rate during the previous two calendar years of 20% or more above the average annual civilian unemployment rate for all states (including Puerto Rico) during the same 24- month reference period. The Administrator for Federal Procurement Policy uses the states on the LSA list to identify where procurement set asides should be used to strengthen the national economy. The Small Business Administration uses the LSA list for bid selections for small business awards in Historically Underutilized Business Zones (HUBZones). (United States Department of Labor, Employment and Training Administration, Office of Adult Services, Labor Surplus Area online)
  • Surplus

    1. An overstock situation that occurs when the quantity of goods on hand exceeds the quantity of goods needed. The overstocked goods may be returned to the supplier, sold at auction, or disposed of in a method acceptable to the entity. 2. The goods or materials that are obsolete or no longer needed by the agency and are designated for disposal. Surplus becomes available for disposal outside of the entity due to an unforeseen situation that affects the use of the item (for example, chairs or desks that have been replaced with new items). See also: Obsolete Supplies/Equipment.



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