Dictionary of Procurement Terms

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Search Results: 21-30 of 80 results for “T”

  • Termination for Default

    A contract clause that may be contained within boilerplate language that allows either contracting party the right to cancel a contract, either in whole or in part, due to failure of the other party to perform satisfactorily.

    See Also: Termination for Convenience, Cancellation of a Contract, Discharge By Mutual Assent

  • Terms and Conditions (T’s and C’s)

    Standard boilerplate language that includes standard clauses and rules that apply to bids and proposals formally solicited that may become incorporated into the final contract.

    See Also: Boilerplate

  • Terms of Contract

    Stipulations made in Contracts.

  • Terms of Payment

    The methods of payment stipulated in a sales or purchasing ​contract.

  • Testing

    That element of inspection that determines the physical, chemical, performance properties, and functional operation of items, or components thereof, using established scientific principles and procedures.

  • Theory of Constraints (TOC)

    Overall management philosophy introduced by Eliyahu Goldratt that is geared to help organizations continually achieve their goal. The philosophy holds that any manageable system is limited in achieving more of its goal by a very small number of constraints. There is always at least one constraint. The TOC process seeks to identify the constraint and structure the rest of the organization around it.

  • Theory X

    A management theory of Douglas McGregor’s that takes a traditional view of management, whereby it is assumed that workers generally dislike work and must be forced by managers and supervisors to do their jobs. (Business, 2002)

  • Theory Y

    A management theory of Douglas McGregor that takes a humanistic view of management, whereby it is assumed that workers like to work and that under proper conditions employees will seek out responsibility in an attempt to satisfy their social, esteem, and self-actualization needs. (Business, 2002)

  • Theory Z

    A management philosophy that stresses employee participation in all aspects of company decision making. (Business, 2002)

  • Third Party

    Generally, a contractor or supplier who ultimately receives monetary payment (grant funds) from the grantee as a result of rendering contractual goods or services in satisfaction of a contract that was funded by the grant.

    See Also: Grantee

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