Dictionary of Procurement Terms

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Search Results: 71-80 of 88 results for “L”

  • Local Purchase Authority

    CANADIAN Delegated authority to initiate and administer a purchase instrument.

  • Lock-out

    A management’s version of a strike, wherein a work site is closed so that employees cannot go to work. Any form of work stoppage that will impede a contractor’s ability to perform the contracted work. (Business, 2002)

  • Lockbox

    A postal address, usually a commercial bank, at which a company receives payments to speed collections from customers. (Ferrell & Hirt, 2002)

  • LOE


    See Also: Level-of-Effort (LOE) Contract

  • Logic Model (Systems approach)

    The purpose of the model is to identify logical relationships between inputs, resources, activities, outputs, and short-, intermediate-, and long-term outcomes. Logic models illustrate a sequence of cause-and-effect relationships, a systems approach to communicate the path toward a desired strategic result. (W.K. Kellogg Foundation, 2004)

  • Logistics

    The process of planning, implementing, and controlling the efficient, effective movement and storage of goods, services, and related information from point of origin to point of consumption to satisfy customer requirements. (ISM, 2000)

  • Logistics Management

    The discipline responsible for the movement, routing, distribution, transportation, and coordination activities that apply to goods delivery and/or service performance.

  • LOI


    See Also: Letter of Interest (LOI), Letter of Intent (LOI)

  • Long Term Contract

    A decision to contract with a specified supplier over an extended period of time.

  • Long-Term Liabilities

    Debts that will be repaid over a number of years, such as long-term loans and bond issues. (Business, 2002)