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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  • VAT


    See Also: Value Added Tax (VAT)

  • VE


    See Also: Value Engineering (VE)

  • Velocity of Money

    The number of times per year, on average, that a dollar is used to purchase final goods and services. (Schiller, 2000)

  • Vendor

    A person or entity that provides goods and/or services, usually for low-cost, low-risk, and short-term engagements.

    See Also: Supplier

  • Vendor Code

    CANADIAN A code used to identify Suppliers.

  • Vendor Complaint Form

    A form completed by the using agency to document unacceptable vendor performance.

  • Vendor File

    The accumulated record maintained by the central purchasing authority on a vendor, including information on the vendor’s relationship with the purchasing authority, application for inclusion on the bidders list, record of performance under contract, and correspondence.

  • Vendor Managed Inventory (VMI)

    A form of outsourcing whereby a Contract is initiated with a private business to manage and control the Inventory of the public entity. The Contractor is responsible for all Inventory functions, which may include re-ordering.

  • Vendor Rating (Evaluation)

    A system for recording and ranking the performance of a supplier in terms of a range of issues, including delivery performance, service, and quality. (Business, 2002)

  • Vendor Supply Point Code (VSP)

    CANADIAN Representation of the geographic location at which goods are manufactured or, if not known, from which the goods are shipped by the vendor, or, in the case of services, where the services are mainly performed.

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