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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Search Results: 961-970 of 2469 results

  • Fiscal Stimulus

    Tax cuts or spending hikes intended to increase aggregate demand. (Schiller, 2000)

  • Fiscal Year

    The 12-month period used for accounting purposes. Generally begins July 1 or October 1 for governments (October 1 for the Federal Government).

  • Fit, Form, and Function

    Physical, functional, and performance characteristics or specifications that uniquely identify a component or device and determine its interchangeability in a system or piece of equipment. Used especially when considering the suitability of a suggested alternate or “equal.”

  • Fixed Asset

    Physical assets such as property, plant, and equipment.

  • Fixed Costs

    Costs of production that do not change when the rate of output is altered, e.g., the cost of basic plant and equipment. (Business, 2002)

  • Fixed Period Average

    A mathematical calculation used to divide the total usage for a fixed period (generally 12 months), usually using the last fiscal calendar, by the number of months involved (generally 12). The resulting average is the forecast for the entire comparable future period. This is a straight mathematical calculation which ignores current trends.  

  • Fixed Unit Price

    CANADIAN A method of pricing in which the total payable is calculated by multiplying the number of identical units of work or items delivered by a fixed price per unit or item.

  • Fixed Weights

    A numerical system used to evaluate proposals. Weights are assigned to each evaluation criteria by percentage distribution.

  • Fixed-Price Contract

    A contract providing for a firm price, or a price that may be adjusted only in accordance with contract clauses providing for revisions of the contract price under stated circumstances.

  • Fixed-Price Contract with Escalator (Economic Adjustment Clause)

    A contract under which the contractor is reimbursed at a fixed price for all services and material provided that allows for periodic price increases or decreases at one or more stated intervals during the contract term. The amount of increase or decrease is based on the movement of an independent price index (escalator) for goods, services, or labor. (Harney, 1992)

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