Dictionary of Procurement Terms

1. Any supplies or equipment, other than expendable supplies having a remaining useful life, that are no longer required by the entity in possession of the material. 2. Material and supplies that are acquired by a government entity but are not required or can no longer be used by the entity and that may or may not have a residual value.

The value of one country's currency for the intent of converting it into another country's currency.

An indirect tax set by unit, often included in an item’s price, levied on a specific good or service and based on consumption (e.g., alcohol, cigarettes) or extraction (e.g., oil).

An agreement between a manufacturer and distributor in which the manufacturer does not sell its product to anyone within a defined geographic area.

A contract provision that waives or limits one party's liability if damages are incurred during a specific event or cause.

A contract clause that provides the contractor with protection from sanctions for delays resulting from circumstances arising from default termination, liquidated damages, actual damages, and excess costs. An excusable delay must meet two general requirements: It must be beyond the control of the contractor, and it must not be a result of the contractor’s fault or negligence.

A legal doctrine that requires a complaining party to seek remedy from designated administrative bodies before looking to the courts for relief.

An attempt to rush or shorten a preestablished delivery date.

Supply or equipment that is normally consumed during use and has a very short lifecycle.