Dictionary of Procurement Terms

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

Search the Dictionary of Terms

Search Results: 141-150 of 353 results for “C”

  • Compensable Delays

    Compensation received by a contractor for increased cost as a result of a delay when the agency orders work to be suspended.

  • Competent Parties

    Persons legally capable of entering into a contract, being of legal age and sound mind. (ISM, 2000)

  • Competition

    The effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms (including price). (Ferrell & Hirt, 2003)

  • Competition Code

    CANADA A code describing whether or not the award process was competitive.

  • Competitive Advantage

    The advantage one competitor may have over another due to various factors such as better use of technology, geographic location (resulting in lower transportation costs), and more productive employees. (Ferrell & Hirt, 2003)

  • Competitive Bid Solicitation

    CANADA Solicitation of two or more qualified sources by invitation or public notice for the same requirements.

  • Competitive Bidding

    The process of inviting and obtaining bids from competing suppliers, by which an award is made to the lowest responsive bid from a responsible bidder meeting written specifications. The process provides potential bidders with a reasonable opportunity to win that contract.

  • Competitive Contract

    CANADA A contract where the process used for the solicitation of bids assures that a reasonable and representative number of suppliers are given an opportunity to bid.

  • Competitive Intelligence (CI)

    CANADIAN Involves gathering and analyzing information about customers, competitors, and the marketplace to support successful business decisions.

  • Competitive Market

    A particular market in which no buyer or seller has an advantage or possesses market power over a product or service. (Schiller, 2000)

Advertisement

Advertisement