Dictionary of Procurement Terms

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  • Bill


    See Also: Invoice

  • Bill of Entry

    A written account of goods entered at customs, whether they are to be imported or are intended for export.

  • Bill of Exchange

    A document drawn by the seller on the buyer, instructing the buyer to pay the amount of the purchase under specified circumstances. (ISM Glossary, 2000)

  • Bill of Lading

    A hauler or carrier’s contract, which may also act as the receipt of goods transported and delivered to the consignee. Examples of various bills of lading: Clean/Clear; Ocean; Order; Short-Form; Straight; and Through.

  • Bill of Materials (BOM)

    A list specifying the quantity and the specification, description, or character of various materials and parts required to manufacture, produce, or assemble a certain quantity of a finished product. A critical element of an automated Material Requirement Planning (MRP) system.

  • Bill of Sale

    A written statement transferring ownership of something from seller to buyer.

  • Bin Tag

    A tag attached to a storage bin on which a perpetual inventory is recorded.

  • Binding Arbitration

    Specific to Alternative Dispute Resolution (ADR), binding arbitration involves the presentation of a dispute to an impartial or neutral individual or panel for issuance of a binding decision. The parties usually have the ability to decide who the individuals are that serve as arbitrators.

    See Also: Arbitration

  • Biodegradable

    Capable of decaying through the action of living organisms.

  • Blanket Bond

    A type of bond used to insure a bidder's performance on two or more contracts instead of issuing separate bonds for each contract. The amount and form of the blanket bond shall be established by the contracting entities.