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: 71-80 of 80 results for “T”

  • Trendline

    The tendency to move in a particular direction shown by data variables over a period of time such as a month. (Business, 2002)

  • Trial Balance

    A summary of balances of all general ledger accounts at the end of an accounting period. (Business, 2002)

  • Triple Baseline

    Refers to the metrics that operationalize success across economic, environmental, and social costs and impacts.

  • Truckload (TL)

    A quantity of freight to which truckload rates apply; indicates full truckload as opposed to LT (Less than Truckload) shipment. Motor carriers will charge less per Cwt if a shipper is moving full truckloads (TL).

  • Truth in Negotiations Act (TINA)

    Established the requirement for certain federal contracts, contractors to submit cost or pricing data and must certify that, to the best of the contractor’s knowledge and belief, the cost or pricing data submitted is current, accurate, and complete.

  • Turnkey

    In construction procurement, a requirement whereby the contractor is responsible for the entire project including designing the project, contracting for construction, and then furnishing the structure. In technology procurement, one supplier is responsible for the hardware, software, and support. May also apply when a contractor is totally responsible for an entire project from start to finish.

  • Turnover

    1. Movement (as of goods or people) into, through, and out of a place. 2. A cycle of purchase, sale, and replacement of a stock of goods. (Merriam Webster) 3. The number of times that various assets or items of inventory are replaced during a stated period of time.

  • Two-Bin System

    An inventory control system in which identical stock is stored in two separate bins, with the stock in the second bin equal to that calculated for the order point. Withdrawals are made from the first bin and a requisition to replenish the supply is generated when that bin is emptied.

  • Two-Step Procurement

    A combination of competitive procedures designed to obtain benefits of sealed bidding when adequate specifications are not available. May also be applied to a Request for Proposals negotiated procurement. Step one consists of a request for technical proposals, evaluations, and discussion without pricing, and the selection of bidders whose proposals are considered most acceptable; step two consists of the submission of sealed priced bids by those who submitted acceptable technical proposals in step one. (Harney, 1992)

  • Tying Arrangement

    A supplier imposed restraint in which the purchaser is forced to buy an unwanted item to acquire the desired one.

    See Also: Sherman Antitrust Act (U.S. Law)

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