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: 2141-2150 of 2469 results

  • Special Agent

    An agent who has limited authority to perform only special tasks for its principal.

  • Special Procurement

    A type of procurement, as practicable under the circumstances and initiated by the head of the entity, for an unusual or unique situation. The contract is not awarded based on the application of requirements of Invitation for bids or Request for Proposals that could be contrary to the public interest or the needs of the entity.

  • Special Revenue Funds

    Funds that provide services financed from various specifically designated revenue sources, such as recreation fees used to support a specific recreation activity.

  • Specification

    A precise description of the physical characteristics, quality, or desired outcomes of a commodity to be procured, which a supplier must be able to produce or deliver to be considered for award of a contract.

  • Spend Analysis

    The process of collecting, cleansing, classifying, and analyzing expenditure data from all sources within the organization (i.e., purchasing card, eProcurement systems, etc.). The process analyzes the current, past, and forecasted expenditures to allow visibility of data within the organization at various levels, e.g. by supplier, commodity, service, or by department. Spend Analysis can be used to make management decisions by providing answers to such questions as what was bought, when was it bought, where was it purchased, how many suppliers were used, how much was spent with each supplier, and how much was paid for the item.

    See Also: Market Analysis, Procurement Profile, Supply Positioning

  • Spending Authority

    CANADIAN The authority assigned to incur expenditures, including advance and progress payments, and to confirm satisfactory Contract performance and price, as a prerequisite to the requisitioning of payment.

  • Spiraling Agreement

    A negotiation technique that begins by reaching a minimum agreement, even though it is not related to the objectives, and building bit-by-bit on this first agreement.

  • Splitting Requirements

    Successively breaking up one requirement into smaller ones to stay within small purchase limits and avoid competitive solicitations. Also known as order splitting.

  • Spot Price

    The price quoted for a transaction that is to be made on the spot, that is, paid for now for delivery now. (Bishop, 2004)

    See Also: Forward (Supply) Contract

  • Spot Purchase

    A one-time purchase occasioned by a small requirement, an unusual or emergency circumstance, or a favorable market condition. Also called Spot Buy.

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