Dictionary of Procurement Terms

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

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Search Results: 2071-2080 of 2469 results

  • Self Insurance

    Assumption or retention of the risk of loss by a government or a contractor. To retain a risk of loss up to a certain dollar threshold. (Business, 2002)

  • Self-Directed Work Teams

    A group of employees responsible for the entire work process or segment that delivers the product to an internal or external customer. (Business, 2002)

  • Seller’s Lien

    A lien in favor of a supplier granting the supplier the right to withhold goods sold, surrendering them only upon receipt of payment.

  • Seller’s Market

    An economic condition within a competitive marketplace that occurs when the demand of a product or service exceeds the supply. Generally results in higher prices for the buyer. (Bishop, 2004)

  • Seller’s Option

    1. A supplier’s right to compel a purchaser to buy at a particular price and time. 2. On option granted to the supplier to make delivery within a specified, limited period.

  • Sensitivity Analysis

    A component to take into consideration when conducting a “make or buy” analysis and deciding if a service should be done in-house or outsourced, if the two costs are almost even. A sensitivity analysis can be performed to determine the consideration of the costs relative to the assumptions. This additional information and any intangible factors could influence the final make or buy decision.

  • Sequential Sampling Plan

    A unit-by-unit approach to sampling in which the sample units are selected one at a time. After each unit is inspected, the decision is made to accept, reject, or continue inspection until the acceptance or rejection criteria are met.

  • Serial Bonds

    A sequence of small bond issues of progressively longer maturities. (Business, 2002)

  • Service Function

    Procurement Department serves the agency’s departments by providing professional and knowledgeable purchasing services, thereby relieving the departments of the need to perform those purchasing activities which are common to all.

    See Also: Line Function, Staff Function

  • Service Level Agreement (SLA)

    1. An agreement between the Application Service Provider (ASP) and the end user to determine the scope of work to be provided by the ASP. 2. An agreement between a customer and a service provider that details the level of service and the quality of the service to be provided. May be a legally binding agreement. (Business, 2002)