Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

Search the Dictionary of Terms

Search Results: 1181-1190 of 2469 results

  • Infrastructure

    An all encompassing term that refers to the devices used for creating, storing, using, or exchanging information, and to the design and practical application of the devices themselves. May refer to a group within the organization that is responsible for managing, evaluating, and upgrading the various forms of technology used by the organization. (Schiller, 2000)

  • Inherent Authority

    Authority based on a government’s sovereignty to enter into contracts, although not explicitly authorized.

    See Also: Implied Authority, Express Authority

  • Inherently Governmental Functions

    A nebulous term that has been defined as those governmental functions or services which are so intimately related to the public interest as to mandate performance by government employees. These functions include those activities that require either the exercise of discretion in applying governmental authority or the making of value judgments in making decisions for the government.

  • Initial Public Offering (IPO)

    The first issuance to the general public of stock in a corporation. (Business, 2002)

  • Initial Training

    A method of training typically provided to new employees to expose them to the body of knowledge that includes agency policies and procedures that will be required to comprehend and perform the duties of their position.

  • Inside Information

    Information that is of advantage to investors that gives them unfair advantage over other investors and the general public. (Business, 2002)

  • Insolvency

    The inability to pay debts when they become due. Insolvency will apply even if total assets exceed total liabilities if those assets cannot be readily converted into cash to meet debts as they mature. (Business, 2002)

  • Insourcing (in-house)

    Moving an outsourced business operation in-house.

    See Also: Outsourcing, Contracting Out

  • Inspection

    Examining and testing supplies or services to determine whether they conform to contract requirements. Comparing material and services received to the specifications. The buyer’s legal right to inspect goods is stated in the Uniform Commercial Code (U.C.C.), Section 2-513(1).

  • Inspection Level

    The quantity level at which samples are to be inspected, as well as the size of the sample.

Advertisement

Advertisement