Dictionary of Procurement Terms

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Search Results: 81-88 of 88 results for “L”

  • Loss

    A business situation in which the total cost of production exceeds total revenue; negative profit. (Schiller, 2000)

  • Lot Tolerance Percent Defective (LTPD)

    The percent of defective items that a customer is willing to accept.

  • Lowball

    To begin a sales negotiation or sales transaction by quoting low prices and then attempting to raise the prices once the buyer shows interest. (Martin & Miller, 2006)

    See Also: Buying In

  • Lowest Responsive and Responsible Bidder

    The Bidder who fully complied with all of the bid requirements and whose past performance, reputation, and financial capability is deemed acceptable, and who has offered the most advantageous pricing or cost benefit, based on the criteria stipulated in the bid documents.

  • LTC


    See Also: Less-Than-Carload (LTC)

  • LTL


    See Also: Less-Than-Truckload (LTL)

  • LTPD


    See Also: Lot Tolerance Percent Defective (LTPD)

  • Lump Sum

    An aggregate or lot price that may represent the total price for a group of items in place of or in addition to unit prices for each individual item. The total price of a group of items that is priced as a whole for bidding purposes.