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: 61-70 of 121 results for “B”

  • Bill of Materials (BOM)

    A list specifying the quantity and the specification, description, or character of various materials and parts required to manufacture, produce, or assemble a certain quantity of a finished product. A critical element of an automated Material Requirement Planning (MRP) system.

  • Bill of Sale

    A written statement transferring ownership of something from seller to buyer.

  • Bin Tag

    A tag attached to a storage bin on which a perpetual inventory is recorded.

  • Binding Arbitration

    Specific to Alternative Dispute Resolution (ADR), binding arbitration involves the presentation of a dispute to an impartial or neutral individual or panel for issuance of a binding decision. The parties usually have the ability to decide who the individuals are that serve as arbitrators.

    See Also: Arbitration

  • Biodegradable

    Capable of decaying through the action of living organisms.

  • Blanket Bond

    A type of bond used to insure a bidder's performance on two or more contracts instead of issuing separate bonds for each contract. The amount and form of the blanket bond shall be established by the contracting entities.

  • Blanket Order

    1. An agreement to purchase goods from a specific supplier over a defined period of time, up to a maximum dollar amount. 2. A blanket order generally includes established prices, terms and conditions for a defined period of time, although no quantities are specified; shipments are to be made when and as required by the purchaser, which, in certain cases, may be the end user.

    See Also: Price Agreement, Schedule Contract, Systems Contract

  • Blanket Purchase Agreement (BPA)

    A simplified procurement method of filling the anticipated repetitive needs for supplies or services through the award of competitive line item contracts or discounts off of a supplier’s/manufacturer’s catalog, usually through competition. Used to reduce administrative expense resulting from small, repetitive requirements.

  • Blind Trust

    An independently managed trust in which the beneficiary has no management rights and is not given notice of alterations in, or other dispositions of, the property subject to trust.

  • Board of Directors (BOD)

    The top governing body of a corporation, the members of which are elected by the stockholders. (Business, 2002)

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