Dictionary of Procurement Terms

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

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Search Results: 31-40 of 88 results for “L”

  • Legislative Law

    A source of public procurement law that may include written constitutions, statutes, ordinances, and charters.

  • Less-Than-Carload (LTC)

    A quantity of freight less than the amount necessary to constitute a full carload. A transportation/freight term that refers to a freight rate that is usually higher than for a full carload. (ISM, 2000)

  • Less-Than-Truckload (LTL)

    A quantity of freight less than the amount necessary to constitute a full truckload.

  • Lessee

    The party to whom a lease is granted.

  • Lessor

    The party who owns the property in question and grants the lease.

  • Letter Contract

    Typically, a quickly crafted document, where exigency requires an immediate binding agreement so work can begin, but time does not permit the development of a definitive contract. An interim contractual agreement.

  • Letter of Credit

    A document issued by a bank or lending institution authorizing the bearer to draw a specific amount from the bank or its agents. A letter extending credit up to a given amount at a certain affiliated bank for a person who has paid or guaranteed that amount to the issuing bank. This may be considered in lieu of a performance bond. (ISM, 2000)

  • Letter of Intent (LOI)

    A Letter of Intent is customarily employed to reduce to writing a preliminary understanding of parties who intend to enter into contract. (Black's Law Dictionary, Fifth Edition).

  • Letter of Interest (LOI)

    CANADIAN Letter sent to the Buyer to measure interest in receiving feedback from Suppliers. This may lead to re-opening or re-issuing of the opportunity for an open tender at a later date. An LOI or a Request for Information (RFI) is not open for bidding.

  • Level of Contractor

    CANADIAN The identification of an individual Contractor in the contracting organization’s hierarchy as the prime Contractor, Subcontractor, or other. The individual contractor’s designation in the hierarchy determines the legal responsibility of that Contractor and reporting structure relative to the customer (Owner).

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