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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  • Common Law

    1. Law based on custom and usage, or confirmed by court decisions, rather than law created by the enactment of legislative bodies. 2. The body of law created by court decisions rendered by judges; also known as case law or judicial law. 3. Principles and rules by which rights and obligations in commercial transactions are determined, found in the Uniform Commercial Code (2) business law.

  • Common Market

    A regional market with common external tariffs and free flow of labor and capital, without internal tariffs. (ISM, 2000)

  • Common Stock

    Stock owned by individuals or firms who may vote on corporate matters, but whose claims on profit and assets are subordinate to the claims of others. (Ferrell & Hirt, 2003)

  • Comparable Worth

    A concept that seeks equal compensation for jobs requiring the same level of education, training, and skills. (Business, 2002)

  • Comparative Advantage

    The ability of a country or firm to produce a specific good or service at a lower cost than its rivals or competitors. The ability to produce a specific product or service more efficiently than any other producer. (Ferrell & Hirt, 2003)

    See Also: Absolute Advantage

  • Compensable Delays

    Compensation received by a contractor for increased cost as a result of a delay when the agency orders work to be suspended.

  • Competent Parties

    Persons legally capable of entering into a contract, being of legal age and sound mind. (ISM, 2000)

  • Competition

    The effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms (including price). (Ferrell & Hirt, 2003)

  • Competition Code

    CANADA A code describing whether or not the award process was competitive.

  • Competitive Advantage

    The advantage one competitor may have over another due to various factors such as better use of technology, geographic location (resulting in lower transportation costs), and more productive employees. (Ferrell & Hirt, 2003)

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