Dictionary of Procurement Terms

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  • Core Competencies

    Those functions of an organization in which the business is most competent. The critical areas of expertise within the organization. (Business, 2002)

  • Corporate Bond

    A corporation’s written pledge that it will repay a specified amount of money, with interest. (Business, 2002)

  • Corporate Charter

    A contract between the corporation and the state, in which the state recognizes the formation of the corporation as being endowed by law with the rights and liabilities of an individual. (Ferrell & Hirt, 2003)

  • Corporate Culture

    The rites, rituals, heroes, stories, history, and values of an organization. (Business, 2002)

  • Corporate Officers

    The chairman/chairwoman of the board, president, executive vice presidents, corporate secretary, and treasurer, or any other top executives appointed by the board of directors. (Business, 2002)

  • Corporate Stock

    Shares of ownership in a corporation. (Business, 2002)

  • Corporation

    A body formed and authorized by law to act as a single person, with most of the legal rights of a real person, including the rights to start and operate a business, to buy or sell property, to borrow money, to sue or be sued, and to enter into binding contracts. A legal entity owned by stockholders whose liability is limited to the value of their stock. (Business, 2002)

  • Correction (Prison) Industries

    An organization established to sell/market products manufactured, fabricated, or assembled by incarcerated persons in penal systems operated by a public entity.

  • Cost

    The actual expenses incurred in delivering a product, service, or construction; includes both direct and indirect costs, but does not include fee or profit for the supplier.

  • Cost (Pricing) Data

    Factual information about the actual or estimated costs of labor, material, overhead, and other cost elements that are expected to be incurred in performance of a contract.

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