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: 1641-1650 of 2469 results

  • Par Value

    The face value of a bond; the amount to be repaid when the bond is due.

  • Pareto Award

    Issued by the National Institute of Governmental Purchasing Inc. (NIGP), the PARETO Award recognizes those agencies that lead the public procurement profession. Accreditation certification is valid for five years.

  • Pareto Charts

    A subset of the 80/20 Pareto Law. The charts are used to distinguish between the critical and trivial problems. A commonly used quality control tool. (Business, 2002)

  • Pareto, Vilfredo (Pareto Principle)

    Italian economist and sociologist born in 1848. He created the 80/20 theory of income distribution which suggested that 80% of the wealth is created by only 20% of the income producers in an economy. This theory was adapted to a modernistic interpretation of the critical few and the trivial many. It has been further adapted to many supply management situations such as “80% of the purchasing volume is created by 20% of the purchase orders issued.” In the supply management area this is known as the 80-20 Rule or the Pareto Principle in its application to inventory control methodology. (Business, 2002)

  • Parol Evidence Rule

    To ascertain, in an orderly fashion, the specific terms of an agreement between two parties. The ability of either party to produce evidence of orally agreed upon additional terms to a written contract is governed by the parol evidence rule. In the absence of fraud, duress, mutual mistake, or something of the kind, the parol evidence rule will preclude a party from presenting prior written or oral agreements to prove that the words of a contract have a meaning contrary to their clear meaning. (Nash, Schooner, & O’Brien, 1998)

  • Part Category A

    CANADIAN Accessory and miscellaneous parts and pieces which are attached to a master or host piece of equipment.

  • Part Number

    An identification number assigned to an individual part by the manufacturer or distributor of that part; usually includes a combination of alpha and/or numeric characters.

  • Partial Payment

    Payments that permit the contractor to invoice at intervals to coincide with the delivery and acceptance of incremental supplies and/or services.

    See Also: Progress Payments, Advance Payments

  • Partial Shipment/Delivery

    A delivery made against a purchase order or contract which is less than the quantity ordered. May be indicative of a back-order situation or a temporary material shortage. (Martin & Miller, 2006)

    See Also: Back Order

  • Participant Code

    CANADIAN A two character international standard organization code that represents the name of the participant as to whether it is a federal or provincial government.

Advertisement

Advertisement