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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  • Capability

    The ability of a bidder or proposer to fulfill the contract at time of award.

  • Capacity

    The amount of goods and services that a supplier can produce or provide in a given time interval. (Schiller, 2000)

  • Capital

    1. Final goods produced for use in the production of other goods, e.g., equipment, buildings. 2. Wealth in the form of money or property. 3. All buildings, equipment, and human skills used to produce goods and services. (Schiller, 2000)

  • Capital Asset

    An asset with a life cycle of more than one year with a value of more than a certain prescribed limit set by accounting standards or by governmental policy.

  • Capital Budget

    A financial statement that estimates expenditures for major assets and an entity's long-term financing needs. Governmental capital budgets generally reflect large asset expenditures for equipment and buildings over certain dollar thresholds. (Nash et al., 2007)

  • Capital Equipment

    Durable assets listed on an entity's accounting records that have value and can usually be depreciated.

  • Capital Gain

    1. The positive difference between a security’s purchase price over the selling price (assuming that the selling price is greater than the purchase price). 2. An increase in the market or accounting value of an asset. (Schiller, 2000)

  • Capital Improvement Plan (CIP)

    A multi-year plan that forecasts spending for anticipated capital projects and equipment purchases. Also called Capital Improvement Program (CIP).

  • Capital Intensive

    Production processes that reflect a high ratio of capital to labor inputs. (Schiller, 2000)

  • Capital Lease

    CANADA A lease that transfers substantially all the benefits and risks incident to ownership of the property to the lessee.

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