Dictionary of Procurement Terms

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Search Results: 1-10 of 16 results for “Agreement”

  • Agreement

    An understanding between two or more parties in which they state a common understanding and intention regarding past or future intentions or facts, sometimes with a view to altering performance, rights, and obligations. When the additional elements of a contract are satisfied, e.g., mutual obligation (consideration), capacity, definiteness, and legal purpose, contracts may be formed. Then the terms agreements and contracts are sometimes used synonymously.

    See Also: As To Form

  • Agreement Type

    CANADIAN Refers to the agreement under which the opportunity is governed, such as the Agreement on Internal Trade (AIT), North American Free Trade Agreement (NAFTA), etc.

  • Blanket Purchase Agreement (BPA)

    A simplified procurement method of filling the anticipated repetitive needs for supplies or services through the award of competitive line item contracts or discounts off of a supplier’s/manufacturer’s catalog, usually through competition. Used to reduce administrative expense resulting from small, repetitive requirements.

  • Cooperative Agreement

    A federal grant to support a joint federal/state program in which the grantor (Federal Government) and the grantee (state government) share in the management decisions about the funded activity.

  • General Agreement on Tariffs and Trade (GATT)

    A trade agreement originally signed by 23 nations in 1947, that provided a forum for tariff negotiations and a place where international trade problems could be discussed and resolved. (Schiller, 2000)

  • Joint-Use (Agreements)

    Agreements between various government agencies that may involve the joint-use of public property such as buildings and equipment. For example, a public school district may share the use of a high school swimming pool with a county recreation and parks agency.

  • Lease-Purchase Agreement

    A lease in which the lease payments are applied, in whole or in part, as installment payments for equity or ownership upon completion of the agreement.

  • Non-Waiver Agreement

    A written agreement signed by the parties to the agreement that they understand the agreement in its entirety and nothing shall be deemed to constitute a waiver of the agreement.

  • North American Free Trade Agreement (NAFTA)

    Passed by Congress in 1993, it is an agreement between Canada, Mexico, and the United States, designed to create a Free Trade Area (FTA) consistent with World Trade Organization’s (WTO) rules, whereby all tariffs will be eliminated within the FTA over a transition period.

  • Novation Agreement

    A legal document executed by the original parties to a contract and a successor to whom interest in the contract has been transferred by one of the parties, which transfers all obligations and rights under the contract to the successor.
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