Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

Search the Dictionary of Terms

Search Results: 1191-1200 of 2469 results

  • Inspection Report

    The result of an organized examination. A document made as a result of an analysis, informing the purchasing authority of a product’s compliance with advertised specifications.

  • Installment Sale

    A contractual exchange made with the agreement that the purchased goods will be paid for in fractional amounts over a specified period of time.

  • Institute of Supply Management (ISM)

    Founded in 1915, and with more than 48,000 active members worldwide, ISM is the largest global organization dedicated to advancing the practice of procurement and supply management. ISM is the leader in supply chain, driving value to its members with its two widely renowned certifications, the Report On Business®, countless educational resources and extensive networking events around the globe. (ISM, 2015)

  • Insurance

    A contract between an insurance company and a person or group that provides for a monetary payment in case of a covered loss, accident, death, or other insurable exposure. A form of risk mitigation.

  • Intangible Asset

    An asset such as intellectual property or goodwill that is not physical. (Business, 2002)

  • Integrity

    Personal adherence to a strict moral or ethical code of conduct. The National Institute of Governmental Purchasing has published an ethical code of conduct for its membership and a guide to those in the public procurement profession. (Martin & Miller, 2006)

    See Also: Ethics

  • Intellectual Property

    Includes inventions, patents, copyrights, trade secrets, trademarks, technical data, industrial designs that are generally protected and proprietary. (Business, 2002)

  • Inter-Program Efficiency

    A method to determine the most efficient program when competing programs exist that are designed to meet the same objective. This analysis is conducted by using the measures of cost and anticipated benefits of the competing programs to determine which program produces the greatest net benefits. Then funds (budget) may be allocated appropriately to that most beneficial program.

  • Interest Rate

    The price paid for the use of money. Since most businesses borrow money, the interest rate is factored into their cost of doing business and may be reflected in the selling price of commodities and services. (Schiller, 2000)

  • Interested Party

    In the context of administrative bid or proposal protest procedures, an actual or prospective bidder or proposer whose direct economic interest would be affected by the award of a contract or by the failure to award a contract. (See Federal Acquisition Regulation (FAR) 33.1).