Dictionary of Procurement Terms

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Search Results: 11-20 of 121 results for “B”

  • Bank/Banker’s Acceptance

    A draft or bill of exchange drawn on a bank and acknowledged as valid by that bank.

  • Bankruptcy

    A legal procedure designed both to protect an individual or business that cannot meet its financial obligations and to protect the creditors involved. (Schiller, 2000)

    See Also: Voluntary Bankruptcy

  • Bar Code

    A pattern of parallel bars and spaces which may represent numbers and other characters that are read by a hand held device or other computer hardware. May be used to track inventory and other items in transit. Also known as a UPC (Universal Product Code) label to identify specific products.

  • Bargaining

    In a competitive negotiation, discussion, persuasion, alteration of initial assumptions and positions, and give and take with respect to price, schedule, technical requirements, or contract terms.

  • Bargaining Unit

    A specific group of employees represented by a union. A group of employees who collectively negotiate with management for wage and benefit enhancements. (Business, 2002)

  • Barriers To Entry

    A variety of obstacles that make it difficult or impossible for would-be producers to enter a particular market, such as patents or copyrights. (Schiller, 2000)

  • Barter

    A medium of exchange which does not use currency. Trading or exchanging goods and services by means of exchange other than money. A form of counter-trade used in international business.

  • Basis of Payment

    CANADA The payment terms in a contract which specify the conditions under which payment will be made for receipt of goods or performance of services.

  • Basis Point

    One one-hundredth of a percentage point. Small movements in the interest rate or the exchange rate is often described in terms of basis points. If a bond yield moves from 5.25% to 5.45%, it has risen by 20 basis points. (Bishop, 2004)

  • Basket

    The combination of goods and services included in the computation of an index. (ISM Glossary, 2000)

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