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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  • Open Account Purchase

    A purchase by a buyer who has established credit with the supplier, payment for which is to be made at some future date, in accordance with terms agreed to when the account was established.

  • Open Bidding Service (OBS)

    CANADA An online electronic bulletin board and bid document request system that gives suppliers flexible and open access to government procurement opportunities.

  • Open Insurance Policy

    A form of insurance covering shipments for a specified time, or a stated value, and not limited to a single shipment; the premium is determined based on values reported.

  • Open Market Operations

    Federal Reserve purchases and sales of government bonds for the purpose of altering bank reserves. (Schiller, 2000)

  • Open Market Purchase

    A purchase, usually of a limited monetary amount, from any available source.

  • Open Order

    Items of supply not delivered or not accepted by the ordering organization.

  • Open-End Contract

    A contract that sets forth the general provisions of supplies and services that may be delivered or performed within a given period of time, but in which quantity and/or duration is not specified. The quantity and delivery are specified with the placement of orders.

    See Also: Price Agreement, Requirements Contract, Blanket Order

  • Open-End Pricing

    The amount paid will be based on price in effect at the time of delivery.

    See Also: Price At Time of Delivery, Price prevailing at the Date of Shipment

  • Operating Budgets

    All of the revenues and expenditures to cover the current fiscal period of the government.

  • Operating Lease

    A service lease, usually short-term, including both financing and servicing of the item leased; payments made under the lease are generally not sufficient to recover the full cost of the equipment.

    See Also: Financial Lease

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