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: 1021-1030 of 2469 results

  • Full Warranty

    A warranty as to full performance covering both labor and material; the warrantor must remedy the product within a reasonable time and without charge after notice of a defect or malfunction.

  • Full-Time Equivalent Position (FTE)

    The baseline is a full-time position. All part-time positions are converted to the decimal equivalent of a full-time position based on 2,080 hours per year.

  • Functional Description

    Functional descriptions are commonly used for technology-related commodities, and focus on observations or experiences during system usage (e.g., the program, computer peripherals, or other computers).

  • Functions of Money

    The roles played by money in an economy. These roles include the medium of exchange, standard of value, and the store of value. (Schiller, 2000)

  • Funds (Budgetary/Governmental)

    An independent legal fiscal entity with assets, liabilities, reserves, a residual balance, or equity, and revenues and expenditures for undertaking activities. Funds may be expendable, meaning the authorization for spending expires at the end of the fiscal period; or non-expendable or revolving, meaning that spending beyond the fiscal year is allowed without reauthorization. Governmental funds generally finance the activities most citizens associate with general-purpose governments, e.g., police, fire, public works, and procurement. Governmental funds may be subdivided into four categories: General Fund, Special Revenue Funds, Capital Project Funds, Debt Service Funds.

  • Furniture, Fixtures and Equipment (FFE)

    A supply management term that refers to commodity designations often procured by a buying team that specializes in this area. Relates to new construction and the commodities needed to furnish the structure. (ISM, 2000)

  • Future Option

    A contract entered into to buy or sell a currency, security, or commodity at a fixed price for delivery sometime in the future at a date to be determined. (Business, 2002)

  • Futures

    Contracts for immediate purchase or sale of something to be delivered at a definite time in the future at a specified price. Used as a hedging device against market price fluctuations or unforeseen supply shortages.

    See Also: Spot Price, Forward (Supply) Contract

  • G.I.P.P.E.R CANADIAN

    See Governments Incorporating Procurement Policies to Eliminate Refuse.

  • G7 – G8 Summit

    Established in 1975. Composed of the heads of state or government of the major industrial democracies (Canada, European Union, France, Germany, Italy, Japan, United Kingdom, and United States) that meet annually to deal with the major economic and political issues facing their domestic societies and the international community as a whole. Currently known as the G7 as Russia was suspended from the G8 in March 2014. (G8 Research Group, 2015)

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