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: 81-90 of 121 results for “B”

  • Brand Name

    A name, term, symbol, design, or any combination thereof used in specifications to describe a product by a unique identifier specific to a particular seller or manufacturer that distinguishes it from its competition.

  • Brand Name (or Equivalent)

    One or more manufacturers’ brand names, with identifying model numbers, used in a specification to invoke certain quality, performance, and other salient characteristics needed to meet the solicitation requirements.

  • Breach of Contract

    Failure by either contracting party to fulfill a contract, wholly or in part, without legal excuse. (Harney, 1992)

  • Breach of Warranty

    The failure to meet an express or implied agreement as to the title, quality, content, or condition of something sold.

  • Breakeven Quantity

    The number of units that must be sold for the total revenue (from all units sold) to equal the total cost (of all units sold). (Schiller, 2000)

  • Bribe

    Money or favor given or promised to influence the judgment or conduct of a person in a position of trust.

  • Bribery

    The crime of offering, giving, receiving, or soliciting anything of value to influence action of an official or in the discharge of a public duty. (Garner, 2004)

  • Broker

    An intermediary entity that specializes in a particular commodity, represents either a buyer or a seller, and is likely to be hired on a temporary basis.

  • Budget

    A financial statement that projects income and/or expenditures over a specified period. Governmental budgets generally are classified as operating budgets or capital budgets.

  • Budget Deficit

    Amount by which government spending exceeds government revenue in a given time period. (Schiller, 2000)

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