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: 2401-2410 of 2469 results

  • Vendor Supply Point Value

    CANADIAN The value in whole Canadian dollars of goods/services for each VSP reported on the document. It is mandatory only if there is more than one VSP on the document.

  • Vendor’s Lien

    A seller’s right to retain possession of property until payment for the property is recovered.

  • Verbal Contract

    An agreement that is oral and not in writing. Usually enforceable if under $500.00.

  • Vertical Equity

    Economic principle that individuals with higher incomes should pay more taxes. (Bishop, 2004)

  • Vertical Integration

    Theory describing a style of business ownership and control. Vertically integrated companies are united through a hierarchy and share a common owner. Usually, each member produces a different product, and the products combine to satisfy a common need. An important theory for procurement professionals who become involved in price/cost negotiation to understand. There are three major types of vertical integration: 1. Backward Vertical Integration, 2. Forward Vertical Integration, and 3. Balanced Vertical Integration.

  • Vertical Linkage Analysis

    A tool that enables analysis of the value chain to determine where opportunities for enhancing competitive advantage may lie. Vertical linkage analysis extends the value chain beyond the organization to incorporate the suppliers and end users who are at either end of the chain. (Business, 2002)

  • Vertical Training

    Specialized, in-depth training on specific topics to prepare the employee for upward mobility and promotional opportunities.

  • Virgin Product

    A product that is made with 100 percent new raw materials and contains no recycled materials. (Martin & Miller, 2006)

  • Virtual Store

    An eCommerce term that refers to a website that permits a buyer to procure goods and services online. (Martin & Miller, 2006)

  • Vision Statement

    An organizational statement that clearly and concisely addresses the future nature and purpose of the entity. A short statement that tells who the organization is and where they are going. (Martin & Miller, 2006)

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