Dictionary of Procurement Terms

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Search Results: 51-60 of 122 results for “I”

  • Informalities/Irregularities

    A submission of a bid or proposal that contains minor defects or variations from the exact requirements of the solicitation that do not affect price or other mandatory requirements. A defect that is easily correctable. Generally a matter of form rather than substance. Following legal review may sometimes be corrected within a certain time period. (Harney, 1992)

    See Also: Irregularities and Informalities

  • Information Technology (IT)

    The study or use of systems (especially computers and telecommunications) for storing, retrieving, and sending information. (Oxford Dictionaries, 2015)

  • Infrastructure

    An all encompassing term that refers to the devices used for creating, storing, using, or exchanging information, and to the design and practical application of the devices themselves. May refer to a group within the organization that is responsible for managing, evaluating, and upgrading the various forms of technology used by the organization. (Schiller, 2000)

  • Inherent Authority

    Authority based on a government’s sovereignty to enter into contracts, although not explicitly authorized.

    See Also: Implied Authority, Express Authority

  • Inherently Governmental Functions

    A nebulous term that has been defined as those governmental functions or services which are so intimately related to the public interest as to mandate performance by government employees. These functions include those activities that require either the exercise of discretion in applying governmental authority or the making of value judgments in making decisions for the government.

  • Initial Public Offering (IPO)

    The first issuance to the general public of stock in a corporation. (Business, 2002)

  • Initial Training

    A method of training typically provided to new employees to expose them to the body of knowledge that includes agency policies and procedures that will be required to comprehend and perform the duties of their position.

  • Inside Information

    Information that is of advantage to investors that gives them unfair advantage over other investors and the general public. (Business, 2002)

  • Insolvency

    The inability to pay debts when they become due. Insolvency will apply even if total assets exceed total liabilities if those assets cannot be readily converted into cash to meet debts as they mature. (Business, 2002)

  • Insourcing (in-house)

    Moving an outsourced business operation in-house.

    See Also: Outsourcing, Contracting Out

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