Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

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Search Results: 131-140 of 248 results for “P”

  • Priority

    The degree of precedence given to a particular item or task over other items or tasks.

  • Privacy Act

    CANADA The Privacy Act (R.S.C., 1985, c. P-21) is intended to protect the privacy of individuals with respect to their personal information by governing the Canadian federal government’s collection, retention, use, and disclosure of that information. It also provides individuals with a right of access to their personal information. (Canada, OSFI, 2013)

  • Private Carrier

    A transportation line not engaged in business with the general public.

    See Also: Common Carrier, Contract Carrier

  • Private Goods

    A commodity that benefits the individual.

  • Private Label

    A product or range of products offered by a retailer under their own name or under a brand that they own. They compete with branded goods.

  • Private Sector

    That part of an economy in which goods and services are produced by individuals and companies as opposed to the government and the non-profit sector. The ultimate aim of the private sector is to secure a profit as opposed to government and the nonprofit sector which aims to achieve other objectives.

  • Privatization

    The divestiture of management, assets, and responsibility of a public function to the private sector. The function, formerly performed by the public entity, becomes controlled and owned by a private supplier. The divestiture may include the transfer of real and personal property.

  • Privilege Clause

    CANADA A clause used in Canadian tenders which states “the lowest or any tender will not necessarily be accepted.” The “privilege clause” provides the tendering authority with limited discretion in relation to the acceptance or rejection of tenders. The clause is intended to reserve to the owner the discretion to accept or reject the lowest, or any, tender. It does not displace the overarching duty of procedural good faith that the courts have found is an implied term of the bid contract (Contract A).

  • Privity of Contract

    The direct contractual relationship existing between parties that allows either party to enforce contractual rights against the other and seek remedy directly from the other party with whom the relationship exists.

  • Pro-Forma

    A document issued before all relevant details are known, usually followed by a final version. (Business, 2002)