Dictionary of Procurement Terms

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  • Foreign Corporation

    A corporation in any state in which it does business except the one in which it is incorporated. (Schiller, 2000)

    See Also: Domestic Corporation

  • Foreign Trade Zone (FTZ)

    A designated area for holding goods pending customs clearance; legally duty free storage space. Property set aside at or near a port or airport, under the control of the U.S. Customs Service. (Schiller, 2000)

  • Foreign-Exchange Markets

    Places where foreign currencies are traded. (Business, 2002)

  • Forfeiture of deposit or bond

    A loss of bid bond, bid deposit, or performance bond resulting from non-performance of the obligation the bond was to insure by one’s own act, negligence, or fault.

  • Form, Fit, and Function

    An overall quality-related term common in purchase agreements that encompasses the physical attributes of something (form), its desired output or performance (function), and fitness (appropriate for the application or use to which it is to be put).

  • Formal Bid

    A bid that must be submitted in a sealed envelope and in conformance with a prescribed format to be opened in public at a specified date and time.

    See Also: Invitation for Bids (IFB)

  • Forward (Supply) Contract

    A contract for future supply of definite quantities of supplies or services.

    See Also: Futures, Spot Price

  • Forward Purchasing

    The purchasing of supplies and materials in quantities exceeding the immediate needs, often in anticipation of a price increase, strike threat, or future supply disruption.

  • FPO


    See Also: Field Purchase Order (FPO)

  • Franchise

    A license to operate an individually owned business as though it were part of a chain of outlets or stores. A franchisor is an individual or organization granting a franchise and a franchisee is a person or organization purchasing a franchise. (Business, 2002)

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