Dictionary of Procurement Terms

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  • Customs Broker

    A highly trained import professional, licensed by the U.S. Customs Service. (ISM, 2000)

  • Customs Tariff

    A schedule of charges assessed by a government on goods moving in or out of a country. (ISM, 2000)

  • Cwt


    See Also: Cents per Hundredweight (Cwt.)

  • Cyberspace

    The space of virtual reality; the notional environment within which electronic communication (esp. via the Internet) occurs. (OED Online, 2015)

  • Cycle Counting

    A physical stock checking system in which the inventory is divided into groups which are physically counted at predetermined intervals, depending on their ABC Inventory Classification. Thus, the physical inventory counting goes on continuously without interrupting operations or storeroom activities. (ISM, 2000)

  • Cycle Time

    The time required to complete a process, such as replenishing inventory. (ISM, 2000)

  • Cyclical Deficit

    That portion of the budget deficit attributable to unemployment or inflation. (Schiller, 2000)

  • Cyclical Unemployment

    Unemployment attributable to a lack of job vacancies, that is, to an inadequate level of aggregate demand. The dollar value of materiel items adjusted for upgrades, deterioration in condition, or other changes. (Schiller, 2000)

  • Damages

    A monetary settlement awarded to a party that is injured through a breach of contract. Compensation, usually monetary, for injury to goods, persons or property. (Harney, 1992)

    See Also: Liquidated Damages, Penalty Charge

  • Dangerous Goods

    Articles or substances that are capable of posing a significant risk to health, safety, or property and which, when transported, are subject to special regulations.

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