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: 121-130 of 248 results for “P”

  • Price Skimming

    Charging the highest possible price that buyers who want the product will pay. (Ferrell & Hirt, 2002)

  • Price Stability

    The absence of significant changes in the average price level; officially defined as a rate of inflation of less than 3 percent. (Schiller, 2000)

  • Price/Earnings (PE) Ratio

    The price of a stock share divided by earnings per share. (Business, 2002)

  • Pricing

    The process of establishing a reasonable amount to be paid for goods and services. Generally includes labor, material, ancillary costs, and profit.

  • Pricing Data

    Factual information about prices for goods and services substantially similar to those being procured; can include offered or proposed selling prices, historical selling prices, and current selling prices.

  • Pricing Method

    CANADIAN The method by which the Contract price is determined, such as fixed, lot, cost plus, or target.

  • Prime Contract

    A contract entered into by a public entity with a business entity for the purpose of obtaining supplies, services, or construction items of any kind.

  • Prime Contractor

    The business entity that has entered into a contract with a jurisdiction.

  • Principal

    One who employs an agent. A person who has authorized another to act for him/her.

    See Also: Law of Agency, Buyer, Agent

  • Principle

    A basic truth, law, or assumption; a rule or standard of behavior; a rule of conduct that derives from ethical values.

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