Dictionary of Procurement Terms

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  • Acquisition

    1. The process of obtaining supplies, services, or construction through purchase, lease, or grants. 2. As defined under FAR 2.101, acquisition means the acquiring by contract with appropriated funds of supplies or services (including construction) by and for the use of the Federal Government through purchase or lease, whether the supplies or services are already in existence or must be created, developed, demonstrated, and evaluated. (U.S., FAR, 2005)

  • Acquisition Cost

    The total sum of all actual and administrative costs incurred by the buyer in the process of acquiring goods and services. Total acquisition cost may include indirect labor and overhead costs. The costs associated with generating and processing an order including administrative costs is also included. The price level, or value of the supplies or services, to be purchased under a Contract. Also see Carrying Cost.

    See Also: Carrying Cost

  • Acquisition Fee

    CANADIAN  The amount billed to cover the cost of initiating a Contract.

  • Acquisition Price

    The amount paid to a Supplier or Contractor for the goods or services obtained.

  • Act of God

    An unforeseen occurrence beyond human control, caused by nature, such as a tornado or hurricane. Not attributable to the negligence of the contractor. (Harney, 1992)

    See Also: Force Majeure

  • Actual Authority

    The specific right to perform acts and make decisions or prescribe rules governing the conduct of others as given to an agent by a principal. (Garner, 2004)

    See Also: Apparent Authority

  • Actual Cost

    All direct and indirect costs incurred for services, supplies, or construction as distinguished from estimated or forecasted costs.

  • Actual Damages

    Real damages to compensate for loss or injuries that actually occurred, resulted from another’s wrongdoing, and can be precisely measured.

  • Ad Hoc Committee

    A committee created for a specific purpose that is in place for a short period of time. They are now being replaced by cross-functional teams in a less formalized setting.

    See Also: Cross-Functional Team

  • Ad Valorem

    According to value. Customs duty (rate) that is generally charged on the value of goods irrespective of weight or other material considerations. Generally expressed as a percentage of the value of the goods as indicated on an invoice or bill of materials. (ISM Glossary, 2000)

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