Dictionary of Procurement Terms

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Search Results: 31-40 of 248 results for “P”

  • Pecuniary

    Of or pertaining to money.

  • Peer/360 Evaluations

    With the increased focus on teamwork, employee development, and customer service, the emphasis has shifted to employee feedback from the full circle of sources such as superior, subordinates, peers, internal customers, external customers. This multiple-input approach to performance feedback is sometimes called “360 degree assessment” to connote the full circle of feedback resources. The process provides a full circle view of input.  

  • Penalty Charge

    A clause in a contract specifying the sum of money to be paid if the contractor defaults on the terms of the contract, particularly with respect to time.

    See Also: Liquidated Damages, Damages

  • Penalty Clause

    Punitive language inserted in a competitive solicitation that details what action will be taken if the contractor does not perform in a satisfactory manner. (ISM, 2000)

    See Also: Liquidated Damages

  • Per Diem

    1. Paid by the day; based on use or service by the day. 2. A daily allowance for travel, meals, hotel, car rental, etc.

  • Percentage Preference

    A policy of adding a fixed percentage to the bid price of a non-preferred business unit.

  • Perfect (Pure) Competition

    A market in which no buyer or seller has market power. The market contains a large number of buyers and sellers of approximately equal importance.

  • Performance

    The technical, operational, and quality characteristics of the end item.

  • Performance Assessment Plan (PAP)

    A contract administration tool that contains specific information on how the contract administration team will observe and evaluate performance according to the standards required by the contract, as negotiated. May also be referred to as Surveillance.

  • Performance Audit

    A systematic and objective examination of evidence to provide an independent assessment of the management and activities of an organization related to the economic, efficient, and effective achievement of outcomes against objective criteria. May also include assessments that lead to best practices.