Dictionary of Procurement Terms

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  • Option

    A unilateral right in a contract which the jurisdiction may choose to exercise to purchase additional supplies or services called for in the contract, or to extend the period of performance.

    See Also: Buyer’s Option

  • Option to Extend

    In accordance with contract terms, an option that allows a continuance of the contract for an additional period of time.

    See Also: Option to Renew

  • Option to Renew

    A contract provision that allows a party to reinstate the contract for an additional term, beyond that stated in the original contract, in accordance with contract terms.

    See Also: Option to Extend

  • Oral Presentations

    In most solicitations, there will be a requirement for oral presentations from the top-ranked offerors. Oral presentations are conducted to allow the offerors to bring to the attention of the evaluation committee any aspects of their offer that may contribute to the selection of their response. It is an opportunity for the offerors to sell the merits of their submission, often using slide shows and illustrative presentations.

  • Order

    An instruction issued to a supplier for goods to be delivered or services to be provided to a given place at a given price.

  • Order Bill of Lading

    A negotiable bill of lading between carrier and consignor by which legal possession of the shipment may be ordered by endorsement from person to person. It enables a shipper to collect for a shipment before it reaches its destination. Sometimes used by shippers to consign shipments to themselves so that delivery is made only upon the shipper’s order.

    See Also: Bill of Lading

  • Order Level

    The level of stock of any item at which an order is initiated for more supplies of that item.

  • Order Picking

    Selecting and withdrawing goods or components from a store or warehouse of inventory system to meet production requirements or to satisfy customer orders. (Business, 2002)

    See Also: Picking

  • Order Point

    CANADIAN That point in time or level of the net stock at which an order is placed.

  • Order Quantity

    The predetermined standard order size that will be placed with the supplier to replenish inventory.
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