Dictionary of Procurement Terms

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  • Project Manager

    Designated individual within the agency to administer a specific task or contract.

  • Promissory Estoppel

    A legal doctrine binding a person to a promise when another party has relied on the promise to its detriment and the person making the promise could have reasonably foreseen the reliance. (Nash, Schooner, & O’Brien, 1998)

  • Promissory Note

    An unconditional written promise to pay a certain sum in money, on demand, or at a fixed or determinable future date, either to the bearer or to the order of a designated person.

  • Prompt Payment Act

    This law provides requirements to government procurement offices that ensure that federal contractors supplying goods and services are paid on time and within agreed upon payment terms. Many states and local governments have enacted similar laws.

  • 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