Dictionary of Procurement Terms

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Search Results: 1-7 of 7 results for “Buyer”

  • Buyer

    A purchaser or procurer of products and services. This title may also refer to an individual who is responsible for the procurement activities of an entity, also commonly referred to as a purchasing or procurement agent.

    See Also: Law of Agency, Principal, Agent

  • Buyer-Seller Relationships

    There are three principal relationships between Buyers and Suppliers. 1. Transactional: An arm’s-length relationship, wherein neither party is concerned with the well-being of the other. Price is the focus of the relationship. 2. Collaborative: A strategic relationship is created that results in the reduction of risk and uncertainty. This type of relationship creates interdependency and cooperation. 3. Alliance: Relationship is based on institutional trust. Alliance partners share a vision of the future where ethics take precedence over expediency.

  • Buyer’s Market

    An economic condition within a competitive marketplace that occurs when the supply of a product or service exceeds the demand. Generally results in lower prices more favorable to the buyer. (Harney, 1992)

  • Buyer’s Option

    The contractual right, established in a purchase document, to buy an item or service at a fixed price within a specified time.

    See Also: Option

  • Buyer’s Right of Routing

    The right of the buyer to select the carrier to be used for shipment of goods when the buyer pays freight charges; the buyer’s right to name the carrier must be made part of the sales contract before shipment of goods if supplier prepays the freight.

  • Certified Professional Public Buyer (CPPB)

    A designation offered by the Universal Public Procurement Certification Council (UPPCC) to individuals who have demonstrated prescribed levels of professional competency.

  • Relationships (between Buyer and Seller)

    See Buyer-Seller Relationships.