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: 1721-1730 of 2469 results

  • PR


    See Also: Purchase Requisition

  • Practicable

    Possible, a situation where it is deemed that a given factual result can occur.

  • Pre-Award Contract Review

    An audit or survey performed before a Contract is awarded to determine the Supplier’s or Contractor’s technical, managerial, and financial ability to perform under the proposed Contract, as well as the establishment of and compliance with appropriate procurement system procedures.

  • Pre-Bid/ Pre-Proposal Conference (Meeting)

    A meeting held by the buyer with potential bidders/proposers prior to the opening of the solicitation for the purpose of answering questions, clarifying any ambiguities, and responding to general issues to establish a common basis for understanding all of the requirements of the solicitation. May result in the issuance of an addendum to all potential providers. In certain situations, a mandatory conference may be advisable.

    See Also: Pre-Solicitation Conference, Bidders Conference

  • Pre-Qualification (of Bidder/Proposer)

    The screening of potential suppliers/contractors in which such factors as financial capability, reputation, and management are considered to develop a list of qualified businesses who may then be allowed to submit bids/proposals.

  • Pre-Solicitation Conference

    An informal, typically non-mandatory, meeting inviting comments and suggestions from a representative group of suppliers on the draft of a proposed solicitation; this conference provides useful market analysis information to the buyer; usually used for solicitations involving high technology or complex services.

    See Also: Pre-Bid/ Pre-Proposal Conference (Meeting), Request for Comments (RFC), Request for Information (RFI), Bidders Conference

  • Preconsumer Material

    Material that is recycled before it is used by a consumer. For example, paper mill scraps that are recycled at a paper mill. (EPA)

  • Predatory Pricing

    Temporary price reductions designed to alter market shares or drive out competition. (Business, 2002)

  • Preference

    An advantage given to bidders/proposers in a competition for contract award, which may be granted based on pre-established criteria such as ethnicity, residence, business location, origination of the product or service, business classification (e.g., small business), or other reasons. A governmental bias.

    See Also: Local Preference, Buy Local, Disadvantaged Business

  • Preferred Stock

    A special type of stock whose owners, though not generally having a say in the running of the company, have a claim to profits before other stockholders do. (Ferrell & Hirt, 2002)

Advertisement

Advertisement