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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  • Blanket Order

    1. An agreement to purchase goods from a specific supplier over a defined period of time, up to a maximum dollar amount. 2. A blanket order generally includes established prices, terms and conditions for a defined period of time, although no quantities are specified; shipments are to be made when and as required by the purchaser, which, in certain cases, may be the end user.

    See Also: Price Agreement, Schedule Contract, Systems Contract

  • Blanket Purchase Agreement (BPA)

    A simplified procurement method of filling the anticipated repetitive needs for supplies or services through the award of competitive line item contracts or discounts off of a supplier’s/manufacturer’s catalog, usually through competition. Used to reduce administrative expense resulting from small, repetitive requirements.

  • Blind Trust

    An independently managed trust in which the beneficiary has no management rights and is not given notice of alterations in, or other dispositions of, the property subject to trust.

  • Board of Directors (BOD)

    The top governing body of a corporation, the members of which are elected by the stockholders. (Business, 2002)

  • Boilerplate

    1. A common term used to refer to standard clauses used in a bid or contract document. The general terms and conditions and instructions to bidders may be sections of a bid document’s boilerplate. 2. A colloquialism used in procurement to identify standard terms and conditions incorporated in solicitations, contracts, or purchase orders and agreements, which are often incorporated by reference. (Harney, 1992)

    See Also: General Provisions, Terms and Conditions (T’s and C’s)

  • BOM


    See Also: Bill of Materials (BOM)

  • Bona Fide

    In good faith.

  • Bond

    1. A certificate reflecting a firm’s promise to pay the holder a periodic interest payment until the date of maturity and a fixed sum of money on the designated maturity date. 2. An interest bearing security issued by governments.

  • Bonded Carrier

    A business transporting goods and operating under a bond to guarantee performance.

  • Bonded Warehouse

    1. A warehouse under bond to the government for payment of customs duties and taxes on goods stored or processed there. 2. A warehouse insured against damage or loss to goods stored there.

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