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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  • Barter

    A medium of exchange which does not use currency. Trading or exchanging goods and services by means of exchange other than money. A form of counter-trade used in international business.

  • Basis of Payment

    CANADA The payment terms in a contract which specify the conditions under which payment will be made for receipt of goods or performance of services.

  • Basis Point

    One one-hundredth of a percentage point. Small movements in the interest rate or the exchange rate is often described in terms of basis points. If a bond yield moves from 5.25% to 5.45%, it has risen by 20 basis points. (Bishop, 2004)

  • Basket

    The combination of goods and services included in the computation of an index. (ISM Glossary, 2000)

  • Battle of the Forms

    A colloquial reference to various forms that are exchanged between buyer and seller, i.e., the contracting parties, in an attempt to have their document prevail in the event of a disagreement.

    See Also: Acknowledgement

  • BDP


    See Also: Benefits Driven Procurement (BDP)

  • Bear Market

    A market in which average stock prices are declining. Market indicators for a bear market trend downward. (Schiller, 2000)

    See Also: Bull Market

  • Benchmark

    A standard by which something may be measured or judged.

  • Benchmarking

    The act of measuring a process, service, or product against the characteristics of the recognized leaders in the given area of review. A study, review, or process whereby a procurement department identifies world-class entities with which to compare its practices, policies, and performance outcomes.

  • Benefit

    The gain received from voluntary exchange. (Schiller, 2000)

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