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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  • Time Utility

    Utility that is created by making a product available when customers wish to purchase it. Time utility is an important consideration in most supply management decisions and it has a major impact on cost/price considerations. (Schiller, 2000)

  • Time Value of Money

    The idea that a dollar today is worth more than a dollar in the future, because the dollar in the hand today can earn interest during the time until the future dollar is received. (Bishop, 2004)

  • Time-Critical-Shipments

    A predetermination between buyer and seller that the shipment will be routed non-stop, door-to-door delivery; shipment is not comingled with freight of other shippers. (ISM, 2000)

  • TINA


    See Also: Truth in Negotiations Act (TINA)

  • Title

    The instrument or document whereby ownership of property is established.

  • TL


    See Also: Truckload (TL)

  • TOC


    See Also: Theory of Constraints (TOC)

  • Token Bid

    A perfunctory offer submitted by a bidder with no serious intent of being the lowest bidder, usually submitted when the bidder wishes to maintain eligibility on the bidders list, or as a collusive device.

  • Tolerance

    A specified allowance for variation in weight, size, or other designated measurement; the range of allowable deviation within which an item or service is classified as acceptable.

  • Tort

    A private or civil wrong or injury other than breach of contract, for which the court will provide a remedy in the form of an action for damages. (Black's Law Dictionary)

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