Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

Search the Dictionary of Terms

Search Results: 71-80 of 122 results for “I”

  • Interest Rate

    The price paid for the use of money. Since most businesses borrow money, the interest rate is factored into their cost of doing business and may be reflected in the selling price of commodities and services. (Schiller, 2000)

  • Interested Party

    In the context of administrative bid or proposal protest procedures, an actual or prospective bidder or proposer whose direct economic interest would be affected by the award of a contract or by the failure to award a contract. (See Federal Acquisition Regulation (FAR) 33.1).

  • Intergovernmental Contract

    An agreement in which one government contracts with another for the delivery of goods and services. (Harney, 1992)

    See Also: Shared Services

  • Intergovernmental Cooperative Purchasing

    A variety of arrangements under which two or more governmental entities pool their commodity and/or service requirements to purchase aggregated quantities thus achieving economies of scale. The process usually involves a single combined bid or request for proposals in which all of the participating entities are named or their participation implied.

  • Intergovernmental Supply

    Different levels of governments may, where it is advantageous for them to do so, provide goods and services to each other.

  • Interlocking Directorates

    A provision of Section 8 of the Clayton Antitrust Act that prohibits corporations from reducing competition by having the same directors or officers. Sometimes called Interlocking agreements. (The Clayton Antitrust Act).

    See Also: Clayton Act (The Clayton Anti-Trust Act) (U.S. Law)

  • Intermediate Goods

    Goods or services purchased for use as input in the production of final goods or services. (Schiller, 2000)

  • Intermodal

    More than one mode of transportation is involved, i.e., air, rail, truck. (ISM, 2000)

  • Internal Rate of Return

    An efficiency measure of return promised by an investment project over its useful life. It is sometimes referred to simply as yield on a given project. The internal rate of return is computed by finding the discount rate that equates the present value of a project's cash outflow with the present value of its cash inflow. In other words, the internal rate of return is that discount rate that will cause the net present value of a project to be equal to zero.

  • Internal Repairs

    A rebuild/remanufacture process the extent and cost of which cannot be determined until the item is disassembled and evaluated. By definition, an internal repair must contain labor and parts.