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: 1851-1860 of 2469 results

  • Public Sector

    That section of the economy that is financed and controlled by a central government, local authorities, and publicly funded corporations. (Business, 2002)

  • Public-Private Competition

    In-house governmental departments and private companies who compete to provide government services; occurs when a government agency targets a service for possible outsourcing and allows the in-house operation currently providing the service to compete against the private sector and submit a proposal to provide the government service. May be referred to as Managed Competition.

  • Public-Private Partnership (P3)

    A public-private partnership (P3) is a broad term used to describe public facility and infrastructure contracts that minimally includes components of design and build (e.g., construction, renovation, rehabilitation) into one single contract. Components of financing, operations, maintenance, or management may be included within this single contract. A P3 contract allocates risks to the party (the government or the contractor) best able to manage the risks and may assign a higher level of responsibility for means and methods to the partner.

    See Also: Concession Model

  • Pull Strategy

    The use of promotion to create consumer demand for a product so that consumers exert pressure on marketing channel members to make the product available. (Ferrell & Hirt, 2002)

  • Punitive Damages

    Damages that are awarded in a civil action, in addition to compensatory damages, to punish a defendant for gross or willful misconduct. Generally are not recoverable in breach of contract actions. (Garner, 2004)

  • Purchase Description

    The words used in a solicitation document to describe the requirements to be purchased; includes specifications that are attached to or made part of the solicitation.

  • Purchase Document

    CANADIAN A written or electronic document which sets out all Terms and Conditions of a purchase transaction with a Supplier.

  • Purchase Log

    A register of all requisitions received and all purchase orders issued, containing information such as requisition number, purchase order number, bid number, the supplier, commodity code or description of the material or service, and the value of the order. Generally contained in a legacy database.

  • Purchase Order

    A purchaser’s written document to a supplier formalizing all the terms and conditions of a proposed transaction, such as a description of the requested items, cost of items being purchased, delivery schedule, terms of payment, and transportation.

  • Purchase Order Change Notice

    A form documenting a change made to a purchase order.

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