Dictionary of Procurement Terms

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  • Fair Market Value

    The price for an item upon which purchaser and supplier agree in an open market when both are fully acquainted with market conditions.

  • Fair Trade Statute

    A law, in some states, that allows a manufacturer to set a minimum retail price on their products. Such a law is a violation of federal antitrust law if it affects interstate commerce.

  • Fair Use

    Use of a work that is not an infringement of a copyright because it is used for the purpose of criticism, comment, news reporting, teaching, scholarship, or research. (Nash, Schooner, & O’Brien, 1998)

  • False Claims Act

    Provides for the recovery of damages and remedies upon proof of loss to the government, sustained through fraud in the award or performance of government contracts.

  • FAQ (Frequently Asked Questions)

    An eCommerce initiative that is widely used in various marketing and sales promotion applications. They are designed to help customers understand and feel comfortable with the product or service. (Schiller, 2000)

  • FAR


    See Also: Federal Acquisition Regulations (FAR)

  • FAS


    See Also: Free Alongside Ship (FAS)

  • Fast Track Construction

    A method of construction contracting under which the contractor begins building as soon as the foundation plans are ready and a foundation permit has been issued, despite the fact that the architect-engineer has not finished designing the project. Throughout performance, the architect-engineer must keep ahead of the contractor’s progress to supply the necessary plans and drawings before each stage of the construction is reached. (Nash, Schooner, & O’Brien, 1998)

  • FCC


    See Also: Federal Communication Commission (FCC)

  • FCM


    See Also: Federation of CANADIAN Municipalities (FCM)

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