Dictionary of Procurement Terms

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Search Results: 31-40 of 80 results for “T”

  • Tie Bid Preference

    A policy adopted by a public agency that gives preference to a local bidder only if the bid is identical to a bid from a non-resident bidder, all other aspects of the bid being equal. A way to break a tie bid. Other preference may include awarding the tie bid to a minority firm or small business or a bidder that resides within the state in which the bidding occurred.

  • Tie Bids

    Bids submitted by two or more bidders that have identical pricing. May signal collusion.

  • Time and Materials Contract (T & M)

    A contract that provides for contractor payment based on a direct labor, hourly rate that includes benefits, payroll taxes, overhead, and contractor profit and for the cost of materials and equipment used in performance of the contract.

  • Time Series Forecasting

    Methods that use historical data as the basis of estimating future outcomes. A prediction based on the assumption that the trend of variations in the value of a variable will continue to recur in the future; that tomorrow will more or less resemble yesterday and today.

  • Time Utility

    Utility that is created by making a product available when customers wish to purchase it. Time utility is an important consideration in most supply management decisions and it has a major impact on cost/price considerations. (Schiller, 2000)

  • Time Value of Money

    The idea that a dollar today is worth more than a dollar in the future, because the dollar in the hand today can earn interest during the time until the future dollar is received. (Bishop, 2004)

  • Time-Critical-Shipments

    A predetermination between buyer and seller that the shipment will be routed non-stop, door-to-door delivery; shipment is not comingled with freight of other shippers. (ISM, 2000)

  • TINA


    See Also: Truth in Negotiations Act (TINA)

  • Title

    The instrument or document whereby ownership of property is established.

  • TL


    See Also: Truckload (TL)