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: 1931-1940 of 2469 results

  • Receipt

    Written acknowledgement that one party has obtained money or something of value from the other, without any affirmative obligation upon either party.

  • Receivables Turnover

    Sales divided by accounts receivable. May be used to determine the financial health of a company and to determine if they are a responsible bidder/proposer. (Business, 2002)

  • Receiving

    The function of accepting from all sources all items of supply used in the organization.

  • Receiving Inspection

    Comparing material and services received to the ​specifications.

  • Receiving Report

    A document used in the receiving and inspection process that identifies the item, quantity, and date of delivery. It may also note any discrepancies or problems.

  • Receiving Voucher

    CANADIAN A document used to record the receipt of material.

  • Recession

    A decline in total output for two or more consecutive quarters. An economic downturn that may impact price, terms and conditions of purchasing transactions and usually reflective of a buyer's market.

  • Reciprocity

    1. The act of buying from or selling to another business in return for sales or purchases from the first organization. 2. Illegal under the antitrust provisions of the Sherman Act. 3. A reciprocal condition or relationship. 4. A mutual or cooperative interchange of favors. (ISM, 2000)

  • Recommended By

    CANADIAN An authorized officer’s signature (within the department).

  • Recycled Material Content

    The portion of a product made with recycled materials consisting of pre-consumer materials (waste), post-consumer materials (waste), or both.  

Advertisement

Advertisement