Dictionary of Procurement Terms

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Search Results: 11-20 of 248 results for “P”

  • Parol Evidence Rule

    To ascertain, in an orderly fashion, the specific terms of an agreement between two parties. The ability of either party to produce evidence of orally agreed upon additional terms to a written contract is governed by the parol evidence rule. In the absence of fraud, duress, mutual mistake, or something of the kind, the parol evidence rule will preclude a party from presenting prior written or oral agreements to prove that the words of a contract have a meaning contrary to their clear meaning. (Nash, Schooner, & O’Brien, 1998)

  • Part Category A

    CANADIAN Accessory and miscellaneous parts and pieces which are attached to a master or host piece of equipment.

  • Part Number

    An identification number assigned to an individual part by the manufacturer or distributor of that part; usually includes a combination of alpha and/or numeric characters.

  • Partial Payment

    Payments that permit the contractor to invoice at intervals to coincide with the delivery and acceptance of incremental supplies and/or services.

    See Also: Progress Payments, Advance Payments

  • Partial Shipment/Delivery

    A delivery made against a purchase order or contract which is less than the quantity ordered. May be indicative of a back-order situation or a temporary material shortage. (Martin & Miller, 2006)

    See Also: Back Order

  • Participant Code

    CANADIAN A two character international standard organization code that represents the name of the participant as to whether it is a federal or provincial government.

  • Partnering

    Creating a mutually beneficial relationship with a supplier or contractor for the specific performance of work where the relationship is trusting and supportive rather than adversarial.

  • Partnership

    A form of business organization defined by the Uniform Partnership Act as “an association of two or more persons who carry on as co-owners of a business for profit.” Each partner is liable for losses to the extent of his or her personal assets. (Ferrell & Hirt, 2002)

  • Parts-Per-Million (PPM)

    A measure of quantity that may be used as a quality reference, whereby defective parts must not exceed a specified number of parts per million parts supplied; a ratio of number of failures to number of parts supplied. (ISM, 2000)

  • Password

    A series of characters that enable a user to access a private file, website, computer, or software application. (Business, 2002)