Dictionary of Procurement Terms

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Search Results: 21-30 of 248 results for “P”

  • Patent

    A set of exclusive rights granted by a government to an inventor or applicant for a fixed period of time, usually 20 years in the U.S. It gives the grantee the right to exclude others from making, using, selling, offering for sale, or importing the patented invention. There are a number of international treaties governing patent law. The most global is the World Trade Organization Agreement on Trade-Related Aspects of Intellectual Property Rights (WTO TRIPS), to which almost all countries are a party. The United States, European Union, and Japan are parties to all of the existing treaties governing patents. The authority for patent statutes in different countries varies. In the U.S., the Patent and Trademark Office gets its authority from Article One, Section 8, of the U.S. Constitution. (Martin & Miller, 2006)

  • Pay-Per-Click (PPC)

    A business model whereby a company that has placed an advertisement on a website pays a sum of money to the host website when a user clicks on to the advertisement. (Oxford Dictionaries)

  • Payback Period

    The time required to recover an investment through net cash flow.

  • Payment Authority

    CANADIAN The authority granted to an individual to requisition payments and authorize the charge to appropriations, after reviewing the legality of payments and the exercise of all appropriate financial controls.

  • Payment Bond

    A financial or contractual instrument, issued by a surety that guarantees that subcontractors will be paid for labor and materials expended on the contract. Acceptable forms of payment bonds may include cashier's check, certified check, or irrevocable letter of credit issued by a financial institution; a surety or blanket bond; United States Treasury bond; or certificate of deposit. Also known as Labor and Materials Bond.

  • Payment Method

    CANADIAN An identifier of the means of payment whether it be advanced, normal, or progress payments to Suppliers as applicable to the Contract.

  • Payment Terms

    The terms applicable to the payment including any discount.

    See Also: Prompt Payment Discount, Cash Discount, Discount

  • pCard


    See Also: Procurement Card (pCard)

  • PDF

    See Portable Document Format.

    See Also: Portable Document Format (PDF)

  • PE Ratio


    See Also: Price/Earnings (PE) Ratio

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