A civil jurisdiction designated by the U.S. Department of Labor, usually updated annually in the late fall. Used as one of the criteria for designating economically disadvantaged (ED) vendors.
The last group of consumers who buy or use a new product or technology.
Cost of a product plus the relevant logistics costs, such as transportation, warehousing, handling, etc.
Landfill is a system of garbage disposal in which the waste is buried between layers of earth which has the effect of building up low-lying land.
Items purchased last are sold first. As these items are likely to be higher in value, the remaining inventory has a lower value.
The quantity of an item purchased varies inversely with its price, other factors remaining constant.
As the price of an item increases the supply of the item will also increase, other factors remaining constant.
The lapse of time between placing an order with a supplier and receipt of the goods.
A business methodology that aims to create more value with fewer resources.
Processes that improve efficiency by reducing wasted time, materials and money.
A graphical representation of how when greater numbers of an item are produced, unit costs reduce.
A contract conveying from one entity to another the use of real or personal property for a designated period of time in return for payment or other consideration.
A book or computer file used to balance accounting figures such as deposits and receipts.
A single delivery of goods that does not completely fill a container. This may incur additional charges.
A shipment containing fewer items than are required for the shipment to be eligible for full truckload rates.
A quantity of freight less than the amount necessary to constitute a truckload.
One to whom a lease is granted.
One who grants a lease.
A document used between a buyer’s and seller’s bank to facilitate a transfer of funds upon performance of the contract and presentation of specified documents, e.g., signed delivery note.
Is business that is at least 51% owned by a lesbian, gay, bisexual, or transgender person or persons; or, in the case of any publicly owned business, at least 51% of the stock of which is owned by one or more lesbian, gay, bisexual, or transgender persons; and whose management and daily business operations are controlled by one or more of those individuals.
The amount a business owes, e.g., loans, debts, accounts payable.
Legally responsible for any actions taken that may have a negative consequence.
A procurement evaluation technique which determines the total cost of acquisition, operation, maintaining and disposal of the items acquired; the lowest ownership cost during the time the item is in use.
A technique to assess the environmental impact of each step in a product’s life from raw material extraction through to the use, repair and maintenance of the product (also called a life-cycle analysis or a cradle-to-grave analysis).
The total cost involved in items of inventory, including purchasing price, inward delivery, receipt and handling, storage, packing and preparation, dispatch costs, insurance and overheads.
A plan addressing the impacts on the various stages of staff, products and environment life cycles.
The total cost of ownership over the life of an asset.
An item of supply or service specified in a solicitation for which the vendor must specify a separate price.
The unit price doesn’t change according to the quantity purchased.
A set sum agreed by the organization and the supplier (the parties) and is included in the contract, which will be paid if one of the parties breaches a term of the contract.
A specific sum of money, agreed to as part of a contract to be paid by one party to the other in the event of a breach of contract in lieu of actual damages, unless otherwise provided by law.
A form of insolvency when an organization is brought to an end.
The price of an article published in a catalog, advertisement or printed list from which discounts, if any, may be subtracted.
The control of the flow of goods or services between two points.
The part of an organization’s spend profile that isn’t managed directly by the procurement department.
A product or service delivered at a price that makes a loss for the supplier in the hope of future gains; usually used to break into a new market or to increase market share.
Low-cost-country sourcing (LCCS). A procurement strategy to source from low-cost countries (LCC) either because of reduced production price, or improved capacity, quality, or logistics.
The vendor with the lowest price whose past performance, reputation and financial capability is deemed acceptable.
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