Dictionary of Procurement Terms

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Search Results: 131-140 of 353 results for “C”

  • Commodity Classification

    The schema that identifies commodities according to type, class, size, composition, or manufacturer.

  • Commodity Code

    A system of words, numbers, or both, designed to identify and list goods and services by classes and subclasses.

    See Also: NIGP Commodity/Service Code

  • Commodity Group

    A grouping of related items, all of which can be further refined into additional commodity classes within the commodity group.

  • Commodity Rate

    A published tariff applicable to the shipment of a specific commodity in large quantities between selected geographical points.

    See Also: Class Rate

  • Common Carrier

    1. A company offering services to the public over wires or wireless systems. 2. A transporter that serves all public, follows a schedule, carries specified cargo, and is the carrier of the contract or carriage. (Black's Law Dictionary)

    See Also: Contract Carrier

  • Common Law

    1. Law based on custom and usage, or confirmed by court decisions, rather than law created by the enactment of legislative bodies. 2. The body of law created by court decisions rendered by judges; also known as case law or judicial law. 3. Principles and rules by which rights and obligations in commercial transactions are determined, found in the Uniform Commercial Code (2) business law.

  • Common Market

    A regional market with common external tariffs and free flow of labor and capital, without internal tariffs. (ISM, 2000)

  • Common Stock

    Stock owned by individuals or firms who may vote on corporate matters, but whose claims on profit and assets are subordinate to the claims of others. (Ferrell & Hirt, 2003)

  • Comparable Worth

    A concept that seeks equal compensation for jobs requiring the same level of education, training, and skills. (Business, 2002)

  • Comparative Advantage

    The ability of a country or firm to produce a specific good or service at a lower cost than its rivals or competitors. The ability to produce a specific product or service more efficiently than any other producer. (Ferrell & Hirt, 2003)

    See Also: Absolute Advantage

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