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: 1651-1660 of 2469 results

  • Partnering

    Creating a mutually beneficial relationship with a supplier or contractor for the specific performance of work where the relationship is trusting and supportive rather than adversarial.

  • Partnership

    A form of business organization defined by the Uniform Partnership Act as “an association of two or more persons who carry on as co-owners of a business for profit.” Each partner is liable for losses to the extent of his or her personal assets. (Ferrell & Hirt, 2002)

  • Parts-Per-Million (PPM)

    A measure of quantity that may be used as a quality reference, whereby defective parts must not exceed a specified number of parts per million parts supplied; a ratio of number of failures to number of parts supplied. (ISM, 2000)

  • Password

    A series of characters that enable a user to access a private file, website, computer, or software application. (Business, 2002)

  • Patent

    A set of exclusive rights granted by a government to an inventor or applicant for a fixed period of time, usually 20 years in the U.S. It gives the grantee the right to exclude others from making, using, selling, offering for sale, or importing the patented invention. There are a number of international treaties governing patent law. The most global is the World Trade Organization Agreement on Trade-Related Aspects of Intellectual Property Rights (WTO TRIPS), to which almost all countries are a party. The United States, European Union, and Japan are parties to all of the existing treaties governing patents. The authority for patent statutes in different countries varies. In the U.S., the Patent and Trademark Office gets its authority from Article One, Section 8, of the U.S. Constitution. (Martin & Miller, 2006)

  • Pay-Per-Click (PPC)

    A business model whereby a company that has placed an advertisement on a website pays a sum of money to the host website when a user clicks on to the advertisement. (Oxford Dictionaries)

  • Payback Period

    The time required to recover an investment through net cash flow.

  • Payment Authority

    CANADIAN The authority granted to an individual to requisition payments and authorize the charge to appropriations, after reviewing the legality of payments and the exercise of all appropriate financial controls.

  • Payment Bond

    A financial or contractual instrument, issued by a surety that guarantees that subcontractors will be paid for labor and materials expended on the contract. Acceptable forms of payment bonds may include cashier's check, certified check, or irrevocable letter of credit issued by a financial institution; a surety or blanket bond; United States Treasury bond; or certificate of deposit. Also known as Labor and Materials Bond.

  • Payment Method

    CANADIAN An identifier of the means of payment whether it be advanced, normal, or progress payments to Suppliers as applicable to the Contract.

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