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: 21-30 of 121 results for “B”

  • Battle of the Forms

    A colloquial reference to various forms that are exchanged between buyer and seller, i.e., the contracting parties, in an attempt to have their document prevail in the event of a disagreement.

    See Also: Acknowledgement

  • BDP


    See Also: Benefits Driven Procurement (BDP)

  • Bear Market

    A market in which average stock prices are declining. Market indicators for a bear market trend downward. (Schiller, 2000)

    See Also: Bull Market

  • Benchmark

    A standard by which something may be measured or judged.

  • Benchmarking

    The act of measuring a process, service, or product against the characteristics of the recognized leaders in the given area of review. A study, review, or process whereby a procurement department identifies world-class entities with which to compare its practices, policies, and performance outcomes.

  • Benefit

    The gain received from voluntary exchange. (Schiller, 2000)

  • Benefits

    Non-financial forms of compensation provided to employees, such as health benefits, life insurance, pension benefits, paid holidays, and vacation. (Business, 2002)

  • Benefits Driven Procurement (BDP)

    CANADA A management philosophy that places emphasis on outcomes and benefits, employs risk management techniques, and requires that roles and responsibilities be clearly defined for the supplier, the procurement department, and the government entity.

  • Best and Final Offer (BAFO)

    A process requested from one proposer or short-listed proposers for their best price(s) for a specific solicitation prior to determining of contract award. Sometimes referred to as BAFO and utilized during the Request for Proposals method of procurement.

    See Also: Discretion

  • Best in Class

    A standard of excellence given to an entity or business unit that demonstrates verifiable performance in a particular category or business area.