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: 1361-1370 of 2469 results

  • Lowest Responsive and Responsible Bidder

    The Bidder who fully complied with all of the bid requirements and whose past performance, reputation, and financial capability is deemed acceptable, and who has offered the most advantageous pricing or cost benefit, based on the criteria stipulated in the bid documents.

  • LTC


    See Also: Less-Than-Carload (LTC)

  • LTL


    See Also: Less-Than-Truckload (LTL)

  • LTPD


    See Also: Lot Tolerance Percent Defective (LTPD)

  • Lump Sum

    An aggregate or lot price that may represent the total price for a group of items in place of or in addition to unit prices for each individual item. The total price of a group of items that is priced as a whole for bidding purposes.

  • Macroeconomics

    The study of aggregate economic behavior. The study of the economy in a larger context- to view it as a whole. (Schiller, 2000)

    See Also: Microeconomics

  • Mailbox Rule

    A common-law rule providing that an acceptance of an offer becomes effective and creates a binding contract when it is transmitted rather than when it is received. (Nash, Schooner, & O’Brien, 1998)

  • Maintenance

    The upkeep of property that neither adds to its permanent value nor prolongs its intended life appreciably, but instead keeps it in an efficient operating condition.

  • Maintenance Bond

    A Surety guarantee that protects the purchaser against Defects or inferior materials or workmanship for a specified period of time following the expiration of the initial warranty or guarantee period. An extended warranty guaranteed by a Surety.

  • Maintenance, Repair, Operating (MRO)

    A supply management term that refers to various commodities that are generally of low value, purchased frequently, and available from multiple sources. These items are often assigned to a buying team who specializes in these commodity areas. Typical examples include oil, rags, grease, tools, and hardware fasteners.

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