Dictionary of Procurement Terms

Warranty

A promise made by a seller to a buyer that is legally enforceable. The promise may be expressed or implied and is legally binding.

Warranty of Fitness for a Particular Purpose

Warranty of Merchantability

See Implied Warranty of Merchantability.

Wastage

CANADIAN The loss in handling, shrinkage, decay, evaporation, etc.

Waste

Salvageable materials which are damaged, defective, deteriorated, or residue from operations with little or no market value. The selling expenses exceed the value and the materials are discarded.

Waste Disposal

The act of getting rid of unwanted items.

Watch List

A list of critical items that have been identified as high risk areas, which should rank order the identified risk by likelihood and priority. The items contained on the list should be those identified in risk assessment as having the greatest unacceptable impact on the program and/or contract, and the risk reduction tactics that have been identified and will be put into action in the event the risk materializes.

Waybill

A transportation record which shows the origin of the shipment, its destination, and may contain other information such as route, consignor, consignee, description of the shipment, and the billing amount.

WBE

Webcast

Broadcast of an audio and/or video presentation over the Web in real time or on-demand.