Dictionary of Procurement Terms

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Search Results: 1731-1740 of 2469 results

  • Prepaid

    A term denoting that transportation charges have been or are to be paid at the point of shipment.

  • Prepay and Add

    A transportation term indicating that the seller pays the carrier and adds the freight charges onto the invoice for goods purchased. (ISM, 2000)

    See Also: Free on Board (F.O.B.) Destination, Free on Board (F.O.B.) Destination, Freight Collect, Free on Board (F.O.B.) Destination, Freight Collect and Allowed, Free on Board (F.O.B.) Destination, Freight Prepaid and Added, Free on Board (F.O.B.) Desintation, Freight Prepaid and Allowed, Free on Board (F.O.B.) Origin, Free on Board (F.O.B.) Origin, Freight Collect, Free on Board (F.O.B.) Origin, Freight Prepaid and Added, Free on Board (F.O.B.) Origin, Freight Prepaid and Allowed, Free on Board (F.O.B.) Origin, Freight Prepaid and Charged Back

  • Present Value

    The value in current dollars of work, goods, and services to be performed or supplied in the future. Used frequently in long term lease and rental transactions. (Business, 2002)

  • Prevailing Wage Rate

    The rate of wages, including fringe benefits, paid to a majority of the workers in a geographic area for the same type of work on similar projects. (Nash, Schooner, & O’Brien, 1998)

  • Preventive Maintenance (PM)

    Planned activities undertaken to retain equipment or material in a serviceable condition; includes scheduled inspection, testing, servicing, classification as to serviceability, repairs, rebuilding, and reclamation.

  • Price

    1. A value placed on an object or service provided by a seller to a buyer. 2. The money value of a unit of a good, service, or resource. 3. The total amount, in money or other consideration, to be paid or charged for a commodity; normally includes all costs (direct labor, overhead, materials) and profit or fee.

  • Price Adjustment Clause

    A clause in a contract allowing for adjustment in price in accordance with circumstances arising during the term of the contract. A provision that must be included in contracts requiring contractor certification of cost and pricing data stating that price, including profit or fee, shall be adjusted to exclude any significant sums by which the jurisdiction finds the price was increased because the contractor-furnished cost or pricing data was inaccurate, incomplete, or not current.

  • Price Agreement

    A contractual agreement in which a purchaser contracts with a supplier to provide the purchaser’s requirements at a predetermined price.

    See Also: Open-End Contract, Requirements Contract, Blanket Order

  • Price Analysis

    Evaluation of readily available information in the marketplace. The process of examining and evaluating a prospective price without performing a cost analysis; that is, without evaluating the separate cost elements and profit of the offeror included in that price. The end result of price analysis is to ensure fair and reasonable pricing of a product or service. Price analysis may include a variety of techniques such as comparing proposed prices with prices of same or similar items obtained through market research. (Nash, Schooner, & O’Brien, 1998)

  • Price At Time of Delivery

    A term used in sales contracts when market prices are so volatile that the supplier will not give a firm price or use an escalator clause, but will only agree to charge the same price to all customers for similar purchases on the day of shipment or delivery of goods.

    See Also: Open-End Pricing, Price prevailing at the Date of Shipment

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