Dictionary of Procurement Terms

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Search Results: 21-30 of 88 results for “L”

  • Lease or Buy Decision

    A decision based on the results of a cost/benefit analysis of the costs to own, costs to lease, and the advantages and disadvantages of any relevant qualitative factors. (ISM, 2000)

  • Lease to Own/Purchase

    The conveyance, by a lessor to a lessee, of the right to use a tangible asset, usually for a specified period of time in return for rent. At a specified period of time, the lessee may purchase the equipment outright by paying an additional specified sum.

  • 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.

  • LEED Certification


    See Also: Leadership in Energy and Environmental Design (LEED) Certification

  • Legacy Costs

    An economic term applied to those costs incurred by a business that apply to ongoing contractual obligations resulting from agreements with collective bargaining units. Examples include pension and retiree benefits. (Schiller, 2000)

  • Legacy System

    Any outdated computer/software system that remains in use despite the availability of more current technology. It usually is an archaic data management platform that may contain proprietary custom designed software. An old database management system running on mainframes. May run financials, payroll, human resources, purchasing, supply management, inventory control, and other business processes. The name given to a “home grown” technology-database management system. (Business, 2002)

  • Legal Barriers

    Refers to the effect that existing laws, statutes, or ordinances may have on governmental decision making or the lack thereof. (Business, 2002)

  • Legal Notice

    A public notice required by law, ordinance, or executive order. Generally placed in a newspaper of general circulation or may be posted on a website, magazine, or other media, depending on the specific legal requirements.

  • Legality of Purpose

    To be valid and enforceable, a contract must be consistent with federal, state, or local law and cannot violate legal statutes of public policy. (ISM, 2000)

  • Legally Flawed

    A document or situation that contains terms or conditions that are contrary to law that may make an award impossible.