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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  • Current Account

    International cash flows in payment for exports; part of a nation’s balance of payments. (Schiller, 2000)

  • Current Assets

    Assets that can be quickly converted into cash or that will be used in one year or less. (Ferrell & Hirt, 2003)

  • Current Funding

    The current sum of money assigned to a contract.

  • Current Liabilities

    Debts that will be repaid in one year or less. (Ferrell & Hirt, 2003)

  • Current Ratio

    A financial ratio computed by dividing current assets by current liabilities. (Ferrell & Hirt, 2003)

  • Current Stock Level

    The quantity currently on hand in the warehouse or storage depot.

  • Current Yield

    The rate of return on a bond; the annual interest payment divided by the bond’s price. (Schiller, 2000)

  • Custodian

    CANADIAN The authorized officer who is accountable for the use and condition of a materiel item.

  • Customer Code

    CANADIAN A five digit code utilized by the Supply and Services Canada Customer Address Directory to identify the using agency that issued the requisition; also indicates shipping and invoicing addresses.

  • Customs

    Taxes, tolls, or duties levied upon goods which pass a frontier generally an import duty. A customs duty is a tariff or tax on the import of or export of goods.

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