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: 2411-2420 of 2469 results

  • VMI


    See Also: Vendor Managed Inventory (VMI)

  • VOC


    See Also: Volatile Organic Compounds (VOCs)

  • Void

    Of no standing; unenforceable and without legal effect. A contractual reference that implies that the agreement has been terminated or cancelled. (Garner, 2004)

  • Volatile Organic Compounds (VOCs)

    Compounds that evaporate easily at room temperature. They can come from many products, such as office equipment, adhesives, carpeting, upholstery, paints, solvents, and cleaning products. VOCs can harm the ozone level of the atmosphere and are a harmful outdoor air pollutant. (Martin & Miller, 2006)

  • Volatile-Priced Commodities

    Commodities so dynamic that prices may dramatically change from day to day or hour by hour. Variables that factor into the pricing of these commodities include hedging strategies, call options, and pricing tied to indexes. For example, coffee, wheat, and oil are examples of commodities subject to extreme volatility. (Business, 2002)

  • Volume Discounts

    Discounts offered to a buyer from a supplier based on the quantity purchased, the size of the order, or total annual volume. It is based on the economic theory of economies of scale – the larger the quantity purchased, the lower the unit price.

    See Also: Quantity Discount, Volume Leveraging, Economies of Scale

  • Volume Leveraging

    Activities that attempt to capture as much spend in a materials or service category as possible to potentially reduce costs through economies of scale and enable a purchaser to negotiate more competitively with suppliers. A form of “second-level” cost savings. (Crimi & Kauffman, 2003)

    See Also: Quantity Discount, Volume Discounts, Economies of Scale

  • Voluntary Bankruptcy

    A bankruptcy procedure initiated by an individual or business that can no longer meet its financial obligations. (Business, 2002)

    See Also: Bankruptcy

  • Voluntary Restraint Agreement (VRA)

    An agreement to reduce the volume of trade in a specific good; a voluntary quota. An example would be an OPEC agreement to curb the production and exportation of crude oil. A critical indices for global supply managers that may have a dramatic effect on cost/price. (ISM, 2000)

  • Voluntary Standards

    Standards available for use by any person, organization, or governmental organization, generally established by voluntary participation of interested parties.

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