Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

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Search Results: 31-40 of 121 results for “B”

  • Best Interest

    A term which grants the Chief Procurement Officer the discretion to take the most advantageous action on behalf of the entity they represent, usually in the absence of law or regulation. (NASPO, 2001)

    See Also: Discretion

  • Best Practice

    A business process, activity, or operation that is considered outstanding, innovative, or exceptionally creative by a recognized peer group. It may be considered as a leading-edge activity that has been successfully adopted or implemented, and has brought efficiency and effectiveness to an entity. It may result in improved productivity, quality, reduced costs, and increased customer service. (Business, 2002)

  • Best Value

    1. A procurement method that emphasizes value over price. The best value might not be the lowest cost. Generally achieved through the Request for Proposals (RFP) method. 2. An assessment of the return that can be achieved based on the total life cycle cost of the item; may include an analysis of the functionality of the item; can use cost-benefit analysis to define the best combinations of quality, services, time, and cost considerations over the useful life of the acquired item.

  • Beta Test

    Second phase of testing in a software development process.

    See Also: Alpha Test

  • Bid

    The response submitted by a bidder to an Invitation for Bids (IFB).

    See Also: Solicitation

  • Bid Analysis

    A comprehensive review of all bids received as a result of a competitive process. The review is usually conducted for the purpose of comparing strengths and weaknesses of the bids received based on the requirements and criteria set forth in the Invitation for Bids.

    See Also: Bid Tabulation

  • Bid Bond

    An insurance agreement, accompanied by a monetary commitment, by which a third party (the surety) accepts liability and guarantees that the bidder will not withdraw the bid. The bidder will furnish bonds in the required amount and if the contract is awarded to the bonded bidder, the bidder will accept the contract as bid, or else the surety will pay a specific amount.

  • Bid Deposit

    A sum of money, a check, or other acceptable cash alternative, such as an irrevocable letter of credit or the contractor’s pledge against owned property or against personal assets deposited with the buyer by a bidder, as a guarantee that the bidder will enter into a contract if awarded. May also be in the form of a bond issued by a surety and deposited with a government agency guaranteeing the bidder will not withdraw the bid for a specified period of time, will furnish bonds as required, and will accept a contract if awarded, or forfeit the deposit.

  • Bid Documentation

    A file containing all of the information and records relating to the bid, which may include all of the original bids received, specifications, insurance requirements, addenda, bonds, correspondence, and all other relevant data that may be subject to audit and further review.

  • Bid Evaluation


    See Also: Bid Tabulation, Bid Analysis

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