Dictionary of Procurement Terms

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Search Results: 91-100 of 353 results for “C”

  • Class Code Number

    CANADA The number that identifies a property class, which covers a relatively homogeneous grouping of commodities, grouped together with respect to their similarity of physical or performance characteristics, or grouped together since they are usually requisitioned, stored, and issued together.

  • Class Rate

    The transportation charge applicable for groups of similar commodities shipped by common carrier if no specific commodity rate, or exception, has been established. The most expensive LTL (Less-Than-Truck-Load) freight rate.

    See Also: National Motor Freight Classification (NMFC) Guide, Uniform Freight Classification, Commodity Rate

  • Class-Item Code

    Part 1 of the NIGP Commodity/Service Code consisting of five digits and containing more than 6000 item descriptions; used to facilitate the open market aspects of the purchasing function.

  • Classification

    For freight, a publication containing a list of items and the classes to which they are assigned for the purpose of applying class freight rates, along with governing rules and regulations.

  • Classification of Defects

    The process of arranging defects in classes or groupings in accordance with a specific system, for example, by severity of defect such as major, critical, or minor.

  • Clawback

    Contingent monies or considerations previously disbursed that are returned due to unrealized fulfillment of terms upon which the considerations were distributed.

  • Clayton Act (The Clayton Anti-Trust Act) (U.S. Law)

    A 1914 supplement to the Sherman Antitrust Act. Regulates general business practices that may be detrimental to fair competition. Some of the business practices regulated by the Clayton Act are price discrimination; exclusive dealing Contracts; mergers and acquisitions and interlocking directorates.

    See Also: Price Fixing, Sherman Antitrust Act (U.S. Law)

  • Clean Bill of Lading


    See Also: Bill of Lading

  • Clerical Mistake

    A mistake of a contractor in a bid or proposal that results from a clerical error; often referred to as a “minor irregularity.” Such mistakes usually may be corrected within a specified period. Examples may include the misplacement of a decimal point or the reversal of prices.

  • Click-and-Ship

    A sales operation where customers order products online and the product is shipped directly to the customer. On-line ordering of products used to facilitate Just-in-Time procurement. May be referred to as “Point-Click-Buy-Ship.”

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