Dictionary of Procurement Terms

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  • Commercial Paper

    A short–term promissory note issued by a large corporation. (Ferrell & Hirt, 2003)

  • Commission

    1. The compensation of an agent or broker when calculated as a percentage of the amount of the transaction or the profit to the principal. 2. An allowance to a sales representative or agent for services rendered.

  • Commission Merchant

    An agent or broker who buys or sells goods for others in return for a commission.

  • Commitment Authority

    CANADA The authority delegated to appropriate officers to confirm before a commitment is entered into, as required under financial authority, that there is a sufficient unencumbered balance to discharge such commitment.

  • Commodity

    A marketable item produced to fulfill a need or want, and references both goods and services.

  • Commodity Classification

    The schema that identifies commodities according to type, class, size, composition, or manufacturer.

  • Commodity Code

    A system of words, numbers, or both, designed to identify and list goods and services by classes and subclasses.

    See Also: NIGP Commodity/Service Code

  • Commodity Group

    A grouping of related items, all of which can be further refined into additional commodity classes within the commodity group.

  • Commodity Rate

    A published tariff applicable to the shipment of a specific commodity in large quantities between selected geographical points.

    See Also: Class Rate

  • Common Carrier

    1. A company offering services to the public over wires or wireless systems. 2. A transporter that serves all public, follows a schedule, carries specified cargo, and is the carrier of the contract or carriage. (Black's Law Dictionary)

    See Also: Contract Carrier

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