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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  • Contract Award

    The final agreement on the terms and conditions of a contract between a buyer and seller.

  • Contract B – Traditional Contract

    CANADA The actual performance contract. A submitted bid or proposal is normally viewed as a supplier's offer to enter into Contract “B” with the buyer. Once the buyer has evaluated the bids or proposals, accepts one of these offers and executes a contract, Contract “B” is formed between the parties. Contract “B” usually specifies the actual work to be performed by the contractor in delivering the goods, services and/or construction, and the buyer's obligations to pay for the goods, services and/or construction if provided according to the terms of the contract. (British Columbia, 2016)

  • Contract Carrier

    A person or company that is under contract to transport people or goods for individual contract customers only.

    See Also: Common Carrier, Private Carrier

  • Contract Ceiling

    Maximum amount available for payment of cost and fee, which the contractor cannot exceed without approval of the purchasing authority.

  • Contract Commencement Date

    The date on which all parties accept a contract thereto; the date of contract award. May be referred to as contract date. (Harney, 1992)

  • Contract Completion Date

    The date by which all contract obligations are scheduled to be met.

  • Contract Extension

    An action to change and extend a contract termination date pursuant to a provision in the original contract and typically upon written mutual agreement by both parties. Reasons for a contract extension include an excusable delay, a contractor’s acceptable performance record, unused allocated funding, or agency need for continued service until a new contract is in place. Extension should be based on sound legal advice so as to avoid challenges by other interested suppliers. A contract extension is not the same as a contract renewal. Also called Extension of Contract.

  • Contract Formation

    Planned functions that are to be performed before the parties have signed the contract. Typical contract formation activities include development of the solicitation, scope of work, terms and conditions, and negotiation of a contract that is mutually beneficial for the entity and the contractor.

  • Contract Formation Plan (CFP)

    A planning tool that provides the framework for effective contract administration with an emphasis on process, output, and outcome. The length and detail of the CFP depends on the complexity and potential risk of the contract. Once the CFP is modified after negotiations, it becomes known as the Performance Assessment Plan (PAP).

    See Also: Contract Administration, Performance Assessment Plan (PAP)

  • Contract Goals

    A term generally used in construction projects in seeking a good faith effort on the part of the prime contractor to have a certain level of minority subcontracting participation in the entity’s project.

    See Also: Goals, Set-Aside

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