Dictionary of Procurement Terms

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  • Industrial Espionage

    The practice of spying on a business competitor to obtain their trade or commercial secrets. (Business, 2002)

  • Industrial Goods

    Goods produced for industry, which include processed or raw materials, goods used to produce other goods, machinery, components, and equipment. (Schiller, 2000)

  • Industrial Revenue Bond

    A bond that a private company uses to finance construction. (Business, 2002)

  • Ineligible Bidder/Offeror

    An individual or business entity who does not meet the stated qualifications for responding to an Invitation for Bids or Request for Proposals or has been disqualified, suspended, or debarred. (Harney, 1992)

  • Inflation

    An increase in the average level of prices of goods and services, usually measured incrementally over a given time period. (Schiller, 2000)

    See Also: Deflation

  • Inflation Index

    CANADIAN A statistical table which reflects trends of inflation or deflation for classes of materiel items; can be used to forecast replacement costs.

  • Inflation Rate

    The annual percentage rate of increase in the average price level. (Schiller, 2000)

  • Informal Bid/Proposal

    A competitive bid, price quotation, or proposal for supplies or services that is conveyed by a letter, fax, e-mail, or other manner that does not require a formal sealed bid or proposal, public opening, or other formalities. Generally relegated to requirements that may be considered low value or fall under a stipulated price/cost threshold.

  • Informalities/Irregularities

    A submission of a bid or proposal that contains minor defects or variations from the exact requirements of the solicitation that do not affect price or other mandatory requirements. A defect that is easily correctable. Generally a matter of form rather than substance. Following legal review may sometimes be corrected within a certain time period. (Harney, 1992)

    See Also: Irregularities and Informalities

  • Information Technology (IT)

    The study or use of systems (especially computers and telecommunications) for storing, retrieving, and sending information. (Oxford Dictionaries, 2015)

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