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: 1341-1350 of 2469 results

  • LISTSERV

    An automatic mailing list server targeting a specified group. When email is addressed to a LISTSERV mailing list, it automatically broadcasts to everyone on the list.

  • Litigation

    One party to a contract bringing suit against the other party in a court of law.

    See Also: Alternative Dispute Resolution (ADR)

  • Living Wage

    A subsistence wage; a wage sufficient to provide the necessities and comforts essential to an acceptable standard of living. (Merriam-Webster)

  • LLC


    See Also: Limited Liability Company (LLC)

  • Loan

    CANADIAN The authorized issue of materiel on condition that it be returned, normally after a specified period of time and subject to agreed upon conditions.

  • Local Preference


    See Also: Tie Bid Preference, Buy Local, Preference

  • Local Public Procurement Unit

    Any county, city, town, school district, special authority, or any other subdivision of the state, or public agency of any such subdivision, or educational, health, or other institution spending public funds for the procurement of services, supplies, or construction.

  • Local Purchase Authority

    CANADIAN Delegated authority to initiate and administer a purchase instrument.

  • Lock-out

    A management’s version of a strike, wherein a work site is closed so that employees cannot go to work. Any form of work stoppage that will impede a contractor’s ability to perform the contracted work. (Business, 2002)

  • Lockbox

    A postal address, usually a commercial bank, at which a company receives payments to speed collections from customers. (Ferrell & Hirt, 2002)

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