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: 2301-2310 of 2469 results

  • Trade Surplus

    The amount by which the value of exports exceeds the value of imports in a given time period. (Schiller, 2000)

    See Also: Trade Deficit

  • Trade Terms

    The broadest classification applicable to purchase transactions with reference to understandings between buyer and supplier, either as to the meanings of certain abbreviations, words, or phrases, or to customs applicable to transactions as established by agreement between the parties, or as established by general usage.

  • Trade-In Value

    The value obtained when trading one piece of equipment for another.

  • Trade-off Analysis

    An evaluation technique used to score proposals. This approach requires the evaluation team to evaluate the technical differences between proposals to determine if these differences justify paying the cost or price differential.

  • Trademark

    A trademark is a word, phrase, symbol, and/or design that identifies and distinguishes the source of the goods of one party from those of others. Unlike patents and copyrights, trademarks do not expire after a set term of years. Instead, a trademark can last forever, so long as the owner continues to use the mark in commerce to indicate the source of goods and services. (USPTO)

  • Trading Company

    A supplier that buys goods in one country and sells them to buyers in another country. (Business, 2002)

  • Transaction

    In computer science, a group of logical operations that must all succeed or fail as a group. Systems dedicated to supporting such operations are known a transaction processing systems. Examples would include bill payment, credit card processing.

  • Transaction Cost Reduction

    Activities or process changes that decrease the cost to process a purchase order or a payment transaction. Procurement credit cards are an example of a transaction cost reduction.

  • Transactional Leadership

    A leadership prospective based on give and take. A transactional leader provides efficiency by securing resources to get the objective completed. A transactional leader links performance to reward. Transactional leaders accept the goals, structure, and culture of the existing organization.

  • Transactional Relationships

    A phase in the continuum of buyer-seller relationships, it is the most common and basic relationship. The term describes an arm’s length relationship wherein neither party is concerned with the well-being of the other. Each transaction is entered into on its own merits. Little or no basis exists for collaboration and learning. (Burt, Dobler, & Starling, 2003)

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