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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  • Freight Classification

    A list of articles, their assigned classification, the applicable freight rate, and freight rules and regulations.

  • Freight Forwarder

    A person or company whose business is to act as an agent on behalf of the shipper. (Business, 2002)

  • Friction-Free Market

    A term used to describe a market in which there is little differentiation between the various products sold to the same target market, thus resulting in a high degree of customer choice. (Business, 2002)

  • Frictional Unemployment

    Brief periods of unemployment experienced by people moving between jobs or into the labor market. (Schiller, 2000)

  • Fringe Benefits

    Non-salaried incentives and rewards used to recruit and retain employees. An area that is negotiated by unions in their labor contracts with employers. May include health, life insurance, deferred compensation, childcare, and a variety of other benefits. (Business, 2002)

  • Front-End Loading

    The inclusion in a bid or proposal of inflated prices on items to be delivered early in the performance of the contract and unduly low prices on later items. It is a form of unbalanced bidding that is aimed at enabling the bidder to recover money in advance of the performance of the work. (Martin & Miller, 2006)

    See Also: Unbalanced Bid

  • FTC


    See Also: Federal Trade Commission (FTC)

  • FTZ


    See Also: Foreign Trade Zone (FTZ)

  • Full and Open Competition

    The process by which two or more suppliers attempt to secure the business of a third party by offering the most favorable price, quality, delivery terms, or service. The concept of competition presumes the existence of a marketplace in which there is more than one supplier that can provide similar goods and/or services.

  • Full Employment

    The lowest rate of unemployment compatible with price stability; variously estimated at between 4 and 6 percent unemployment.

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