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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  • Prompt Payment Discount

    A reduction in cost offered by the supplier in exchange for early/accelerated payment by the customer.

    See Also: Payment Terms, Cash Discount, Discount

  • Proposal

    An offer to provide goods or services in response to a Request for Proposals (RFP). A proposal may be made orally or in writing and may or may not be in response to a solicitation distributed by a public agency.

  • Proposer

    A person or entity who submits a proposal in response to a Request for Proposals (RFP).

    See Also: Offeror, Responder, Bidder

  • Proprietary (Article)

    An item produced and marketed by a person or company having the exclusive right to manufacturer and sell it. May result from a trade secret or patent.

  • Proprietary (Information)

    Owned by a private individual or corporation under a patent, copyright, trademark, or other exclusive right. Usually protected from release to the general public. Not subject to public disclosure. (Business, 2002)

    See Also: Trade Secret, Confidential Information

  • Proprietary Funds

    Funds used to account for a government's business-type activities. There are two types of proprietary funds – enterprise funds and internal service funds. Both enterprise and internal service funds recover the full cost of providing services (including capital costs) through fees and charges on those who use their services. (Washington State, 2010)

    See Also: Internal Service fund, Enterprise Funds

  • Prospectus

    A document that sets out corporate and financial information for prospective investors. May be submitted by a company in response to a due diligence search by purchasing in an attempt to determine financial responsibility. (Business, 2002)

  • Protectionism

    The economic policy of promoting favored domestic industries through the use of high tariffs and other regulations to discourage imports. Historical variants of this policy have included mercantilism, a trade policy aimed at maximizing currency reserves by running large trade surpluses; and import substitution, a trade policy in which targeted imports are replaced by local manufactures to stimulate local production.

  • Protest

    A written objection by an interested party to a solicitation or award of a contract with the intention of receiving a remedial result.

  • Protocol

    1. a. The forms of ceremony and etiquette observed by diplomats and heads of state; 1 b. A code of correct conduct: safety protocols; academic protocol; 2. The first copy of a treaty or other such document before its ratification; 3. A preliminary draft or record of a transaction; 4. The plan for a course of medical treatment or for a scientific experiment; 5. Computers: A standard procedure for regulating data transmission between computers. (American Heritage Dictionary, 2001)