Dictionary of Procurement Terms

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Search Results: 141-150 of 214 results for “S”

  • Statement of Work

    A written description in the contract detailing performance expectations and deliverables between the contracting parties. After a supplier has been selected, the statement of work becomes the basis for the contract and must provide sufficient information to meet the entity’s needs and achieve successful outcomes, describe and define the expectations of the parties, set price and payment schedules, and mitigate or avoid disputes.

  • Statistical Process Control (SPC)

    A method, technique, or procedure to analyze or monitor a process. SPC looks to achieve or maintain a state of control, improve a process capability, or remove waste. Much of SPC lies in the ability to examine a process and sources to measure output. Used mainly in manufacturing lines, SPC seeks to provide in the governmental environment “continuous product or service improvements” and leads to the reduction of wait time.

  • Statute of Frauds

    Refers to the requirement that certain kinds of contracts be memorialized and signed in writing with sufficient content to evidence the contract. The following types of agreements are included: 1. Sale of goods over $500 (not services); 2. A promise to pay a debt of another; 3. Sale of land or interest in land; 4. Agreements with a duration of greater than one year; 5. Agreements in consideration of marriage.

  • Statutes

    The written laws approved by legislatures, parliaments, or house of assembly. Also known as legislation.

  • Statutory Information

    CANADIAN Information specifically called for, collected, distributed, reported in accordance with legislation, e.g., a statement of the financial transactions of the fiscal year as part of the Public Accounts, as required by the Financial Administration Act.

  • Statutory Law

    The written law established by enactments of government, expressing the will of the legislature. A statute is the written law as opposed to common law, which is unwritten law. Statutes are written at all levels of government.

  • Stock

    An item maintained on hand in a supply system to meet future needs. May be held in an inventory control system and issued on demand.

  • Stock Control

    Continuously evaluating and arranging for receipts of supplies and issues from stores to ensure that ​stock balances are adequate to support the current rate of consumption.

  • Stock Level

    The desired quantity of stock to be carried in Inventory for a given item. This quantity is adjusted periodically depending on economic issues such as cost, supply and demand. A minimum stock and maximum stock level is predetermined based on existing requirements.

  • Stock Location Records

    CANADIAN The records that indicate the locations of Stocks in a storeroom or Warehouse.