Dictionary of Procurement Terms

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Search Results: 71-80 of 122 results for “R”

  • Requisition Item Quantity

    CANADIAN The quantity required based on the correct unit of issue.

  • Requisition Number

    CANADIAN An alphanumeric code applied to a requisition for control purposes.

  • Requisition Originator

    CANADIAN A person who initiates a procurement, issue, or disposal transaction.

  • Requisition Serial Number

    CANADIAN A four-character serial number, which the department uses for requisitioning control purposes.

  • Requisitioner

    Anyone who initiates a request for goods or services.

  • Rescission of Contract

    The relieving of a party from all obligations under a contract. A remedy for mutual mistake when reformation is not possible, and for other defects in contract formation such a duress, fraud, misrepresentation, and unconscionability. (Nash, Schooner, & O’Brien, 1998)

  • Research and Development (R&D)

    A process of scientific discovery and application of knowledge in which new products are created and uses are found for them.

  • Residency Preference


    See Also: Preference

  • Residual Value

    The proceeds, less removal and disposal costs, if any, realized upon disposition of a tangible capital asset. It usually is measured by the net proceeds from the sale or other disposition of the asset, or its fair value if the asset is traded in on another asset. (FAR 2.101)

  • Resources

    All natural, human, and man-made aids to production of goods and services. (Schiller, 2000)

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