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: 2421-2430 of 2469 results

  • Voucher

    A document that records a business transaction. A written record of an expenditure or a business transaction.

  • VRA


    See Also: Voluntary Restraint Agreement (VRA)

  • VSP


    See Also: Vendor Supply Point Code (VSP)

  • Wage/Salary Survey

    A study that tells an organization how much compensation comparable organizations are paying for specific jobs that the organizations have in common. May be helpful for the negotiation of labor classifications on service contracts that are labor intensive. (Business, 2002)

  • Wages

    Financial rewards based on the number of hours the employee works or the level of output achieved. (Schiller, 2000)

  • Waiver

    The intentional or voluntary relinquishment of a known right, or conduct that warrants an inference that the right has been relinquished. Examples of waivers in supply management may include a waiver of certain contract requirements such as delivery dates, testing requirements, and performance standards.

  • Waiver of Bids

    A process, usually statutory, whereby a government purchasing office may procure items without formal bidding procedures because of unique circumstances related to that particular action.

  • Waiver of Minor Irregularity or Informality

    The act of disregarding minor errors or technical nonconformance in the offer that will not adversely affect the competition or prejudice one offeror in favor of another.

  • Warehouse

    A structure used for the storage of material which provides protection against theft, damage, or deterioration.

  • Warehouse Credits

    Used for requisitioned supplies found to be in excess of requirements and which must be returned to the warehouse.

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