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: 1661-1670 of 2469 results

  • Payment Terms

    The terms applicable to the payment including any discount.

    See Also: Prompt Payment Discount, Cash Discount, Discount

  • pCard


    See Also: Procurement Card (pCard)

  • PDF

    See Portable Document Format.

    See Also: Portable Document Format (PDF)

  • PE Ratio


    See Also: Price/Earnings (PE) Ratio

  • Pecuniary

    Of or pertaining to money.

  • Peer/360 Evaluations

    With the increased focus on teamwork, employee development, and customer service, the emphasis has shifted to employee feedback from the full circle of sources such as superior, subordinates, peers, internal customers, external customers. This multiple-input approach to performance feedback is sometimes called “360 degree assessment” to connote the full circle of feedback resources. The process provides a full circle view of input.  

  • Penalty Charge

    A clause in a contract specifying the sum of money to be paid if the contractor defaults on the terms of the contract, particularly with respect to time.

    See Also: Liquidated Damages, Damages

  • Penalty Clause

    Punitive language inserted in a competitive solicitation that details what action will be taken if the contractor does not perform in a satisfactory manner. (ISM, 2000)

    See Also: Liquidated Damages

  • Per Diem

    1. Paid by the day; based on use or service by the day. 2. A daily allowance for travel, meals, hotel, car rental, etc.

  • Percentage Preference

    A policy of adding a fixed percentage to the bid price of a non-preferred business unit.

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