Dictionary of Procurement Terms

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Search Results: 61-70 of 82 results for “N”

  • Non-Stocked Item

    CANADIAN An item that is not held in a supply system inventory for issue to customers when ordered, but which may be obtained on demand.

  • Non-Waiver Agreement

    A written agreement signed by the parties to the agreement that they understand the agreement in its entirety and nothing shall be deemed to constitute a waiver of the agreement.

  • Nonperforming Asset

    An accounting term that refers to an asset that is not producing income. (Business, 2002)

  • Nonrecurring Costs

    Costs that are incurred by a contractor/supplier at the beginning of the contract and are not expected to recur on future work. Certain non-recurring costs may be recoverable upon cancellation of a multi-year contract provided they have been addressed in the contract documents. Examples of nonrecurring costs include special tooling, plant relocation, and workforce training. (Nash, Schooner, & O’Brien, 1998)

  • Norm

    Informal, unstated rules that govern and regulate group behavior. (Ferrell & Hirt, 2002)

    See Also: Ethics

  • Normal Inspection

    Type of examination used when there is no statistically significant evidence that the quality of the product being submitted is better or poorer than the specified quality level.

  • Normative Economics

    Considers “what ought to be”—value judgments, or goals of public policy. (Schiller, 2000)

  • Norming

    A term used in group development where interaction changes as members agree on a common goal, assign individual tasks, and define a set of rules and roles to ensure effective and productive team interaction.

  • North American Free Trade Agreement (NAFTA)

    Passed by Congress in 1993, it is an agreement between Canada, Mexico, and the United States, designed to create a Free Trade Area (FTA) consistent with World Trade Organization’s (WTO) rules, whereby all tariffs will be eliminated within the FTA over a transition period.

  • North Atlantic Treaty Organization (NATO)

    An International organization made up of 28 member countries that each retains their full sovereignty. NATO provides a forum in which the United States, Canada, and European countries can consult together on security issues of common concern and take joint action in addressing them. (NATO)