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: 971-980 of 2469 results

  • Fixed-Price Contract with Price Redetermination

    A fixed-price contract that provides a firm fixed price for an initial period of performance, after which the price may be recalculated for subsequent periods of performance based on experience during the initial period.

  • Fixed-Price Incentive

    A fixed-price contract that provides an incentive to reduce cost by allowing for the adjustment of profit and establishing the final contract price by a formula based on the relationship of final negotiated cost to total target cost.

  • Fixed-Price Level-of-Effort

    A fixed-price contract that requires the contractor to provide a specified level of effort for a specified period of time for work that can only be described in general terms.

  • Flexible Manufacturing Systems (FMS)

    A single production system that combines robotics and computer aided manufacturing. (Business, 2002)

  • Flextime

    A system in which employees set their own hours within employer determined limits. May also include a four-day workweek schedule. (Business, 2002)

  • Floater

    An insurance policy that covers a changing, dynamic liability, such as the inventory of a store or warehouse, movable property, or goods in transit.

  • FMS


    See Also: Flexible Manufacturing Systems (FMS)

  • Follow-Up

    To review the status of a transaction; in connection with purchasing transactions.

  • Force Majeure

    Unexpected or uncontrollable events, including those caused by nature that can impact the contracts price, terms and conditions. These events are not due to contractor negligence and may excuse contractor performance during the events and under certain conditions caused by them. Acts of God or disruptive conditions for which a contractor or carrier will not be held responsible.

  • Forecasting

    A tool used to determine future needs. An ongoing assessment to examine opportunities and is an essential element of strategic planning. It requires procurement professionals to keep abreast of the market and surveys and understand various indicators, business cycles, indexes, lead times, and price histories of goods and services.

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