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: 181-190 of 2469 results

  • Balance Sheet

    A financial summary of the dollar amounts of a firm’s assets, liabilities, and owner’s equity accounts at the end of an accounting period. (Business, 2002)

  • Balanced Budget

    When total public sector spending equals total government income during the same period from taxes and charges for public services. (Bishop, 2004)

  • Baldrige National Quality Award

    Named after former Commerce Secretary Malcolm Baldrige, the award honors suppliers that have achieved national excellence in quality improvement

  • Bank Reserves

    Assets held by a bank to fulfill its deposit obligations. (Schiller, 2000)

  • Bank/Banker’s Acceptance

    A draft or bill of exchange drawn on a bank and acknowledged as valid by that bank.

  • Bankruptcy

    A legal procedure designed both to protect an individual or business that cannot meet its financial obligations and to protect the creditors involved. (Schiller, 2000)

    See Also: Voluntary Bankruptcy

  • Bar Code

    A pattern of parallel bars and spaces which may represent numbers and other characters that are read by a hand held device or other computer hardware. May be used to track inventory and other items in transit. Also known as a UPC (Universal Product Code) label to identify specific products.

  • Bargaining

    In a competitive negotiation, discussion, persuasion, alteration of initial assumptions and positions, and give and take with respect to price, schedule, technical requirements, or contract terms.

  • Bargaining Unit

    A specific group of employees represented by a union. A group of employees who collectively negotiate with management for wage and benefit enhancements. (Business, 2002)

  • Barriers To Entry

    A variety of obstacles that make it difficult or impossible for would-be producers to enter a particular market, such as patents or copyrights. (Schiller, 2000)

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