Dictionary of Procurement Terms

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Search Results: 11-20 of 122 results for “I”

  • Imperfect Competition

    A condition that exists when the marketplace is dominated by only one or possibly a few sellers. This is referred to as an oligopoly.

    See Also: Oligopoly

  • Implied Authority

    Authority that is not defined expressly, but is only determined by inferences and reasonable deductions about actions that are necessary to perform the expressly authorized acts.  Can consider the conduct of the principal regarding the historical actions of the agent.

    See Also: Inherent Authority, Express Authority

  • Implied Contract

    A contract not created or evidenced by an explicit agreement of the parties, but inferred, as a matter of reason and justice, from the parties’ act or conduct. Implied contracts are sometimes divided into two categories 1. Those implied in fact and 2. Those implied in law. Often referred to as “quasi-contracts.” (Black's Law Dictionary, 1990)

  • Implied Warranty

    A warranty not specifically written into a contract but implied to be valid through law.

    See Also: Express Warranty

  • Implied Warranty of Fitness for a Particular Purpose

    A warranty that applies to an instance where the seller, at time of contracting, has reason to know that the buyer wants the goods for a particular purpose and the buyer is relying on the seller’s skill or judgment to select or furnish suitable goods. Example: A sawmill operator described in detail the mill’s hydraulic system and asked a major oil company’s representative to recommend proper oil. After some time, the operator discovered that the oil was not the proper product and was the cause of the hydraulic system’s frequent breakdowns. The oil company’s representative had to pay damages to the mill operator due to a breach of the implied warranty of fitness for a particular purpose.

  • Implied Warranty of Merchantability

    A promise, arising by operation of law, that something that is sold will be merchantable and fit for the purpose for which it is sold. Implied warranties come in two general types: merchantability and fitness.

  • Imports

    Goods and services purchased from international sources that flow into a country. (Schiller, 2000)

  • Imprest Fund

    A petty cash fund. A cash reserve for expenditures made in accordance with established policies and controls.

  • Improper Influence

    Any influences that induce or tend to induce a government employee or officer to give consideration to or act regarding a government contract on any basis other than the merits of the matter. (FAR 3.401)

  • In Bond

    The state of goods that are manufactured, stored, or transported under the care of a bonded agency until duties or taxes are paid on the goods.

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