Dictionary of Procurement Terms

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  • Golden Parachute

    A clause that is inserted in the contract of employment, generally for top management employees, that creates a financial package payable if the employee is dismissed and provides a measure of financial security. It may also protect the employee if mergers or takeovers take place or if the employee is dismissed due to poor corporate performance. (Business, 2002)

  • Goods

    Anything purchased other than services or real property. Objects that can satisfy people’s wants.

  • Goods and Incidental Services

    CANADIAN Materiel items and the services needed to acquire, operate, and maintain them; represent the end products of materiel expenditures.

  • Goods and Services Identification Number (GSIN)

    CANADIAN An alphanumeric code used to categorize goods and services for the allocation of requisitions, identification of source lists, and coding of Contracts. Number is allocated systematically by Supply and Services Canada.

  • Goods and Services Tax (GST)

    CANADIAN The tax charged by the Canadian Government on the purchase of goods and services in Canada. A Canadian tax levied at the manufacturer’s level. GST is levied on all goods manufactured or produced in Canada, as well as those imported into Canada unless an exemption applies.

  • Goodwill

    An intangible asset of a company that includes factors such as reputation, contacts, and expertise for which a buyer of the company may have to pay a premium. (Business, 2002)

  • Government Bill of Lading (GBL)

    A Bill of Lading used by the United States Government for shipment of government-owned property or for goods being delivered to the government.

  • Government Performance and Results Act (GPRA) (Public Law 103-62)

    Adopted in 1993, requires that all programs in all federal departments and agencies report annually to the U.S. Congress on their performance. Requires federal agencies to “establish performance indicators to be used in measuring or assessing the relevant outputs, service levels and outcomes of each program activity.” (U.S. General Accounting Office)

  • Government Property

    All property owned by or leased to a government entity or acquired by the government under the terms of a contract, including property made available for the use of the contractor during the term of the contract.

  • Government-Wide Information

    CANADIAN Information to be provided by all departments and agencies to meet either the statutory requirements of Parliament or the corporate information requirements of central agencies.
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