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: 1561-1570 of 2469 results

  • Novation

    Under common law, an agreement where a contracting party accepts a new party in place of the prior party (relieving the prior party of any further obligations). (Garner, 2004)

  • Novation Agreement

    A legal document executed by the original parties to a contract and a successor to whom interest in the contract has been transferred by one of the parties, which transfers all obligations and rights under the contract to the successor.

  • NPI


    See Also: National Purchasing Institute (NPI)

  • NTP


    See Also: Notice to Proceed (NTP)

  • NYMEX


    See Also: New York Mercantile Exchange (NYMEX)

  • Object Classification

    CANADIAN Financial classification used on expenditure, revenue, and other transactions that classify the type of goods and services acquired (for expenditures), transfer payments, source of receipts (for revenues), or the method of acquiring/disposing of a financial claim or obligation.

  • Objective

    A specific, measurable, and observable result of an organization’s activity that advances the organization towards its goal.

  • Obligation

    A legal requirement for the disbursement of funds as a result of orders placed, contracts awarded, supplies, services, or construction received, or other contractual activity.

  • OBS


    See Also: Open Bidding Service (OBS)

  • Obsolescence

    The decline of products in a market due to the introduction of better competitor products or rapid technology developments. Is a critical part of a product’s life cycle, and if a product cannot be turned around, it may lead to product abandonment. (Business, 2002)

Advertisement

Advertisement