Dictionary of Procurement Terms

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Search Results: 21-30 of 122 results for “I”

  • In-House Bidding

    The practice of allowing public agencies to compete against private providers of services. When a decision is made to contract out a service, the public service provider submits an offer/proposal to perform the services just as a private provider would. (Harney, 1992)

  • In-Process Inspection

    Inspection performed at the seller’s site, usually during the manufacturing or repair process, to ensure work to date complies with specifications and contractual agreements; has the potential to identify defects that could not be seen during final inspection.

  • In-State Preference

    A preference in the form of a percentage of cost or percentage of points given to bidders, proposers, and responders doing business in that state.

  • Incentive Contract

    Any contract that includes a means to reward the contractor for reaching certain predetermined goals to reduce cost, reach a level of performance above the level contracted for, or produce results that are beneficial and exceed contract requirements. (Harney, 1992)

  • Income Redistribution

    An economic term that refers to a government policy to redirect income to a targeted sector of a country’s population, for example, by lowering the rate of tax paid by low income earners. (Schiller, 2000)

  • Income Statement

    A financial report that shows an organization’s profitability over a period of time. (Business, 2002)

  • Incompatible Items

    CANADIAN Certain materiel or substances that cannot be stored or shipped together or in close proximity to one another because they are likely to react to each other owing to their chemical composition.

  • Incoterms


    See Also: International Commercial Terms (Incoterms)

  • Incurred Costs

    Actual costs rather than estimated costs.

  • Indefinite Delivery (ID) Contract

    A type of contract in which the time of delivery is unspecified in the original contract, but established by the procurement officer during contract performance.

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