Dictionary of Procurement Terms

An authorization from a supplier that allows for their accounts receivable to be paid to a third party. Payments are made to the supplier’s creditor.

American Society of Testing Materials

ASTM is a global standards development organization in which approximately 150 committees collaborate to develop consensus standards for multiple industries. Thousands of ASTM standards are used globally with the aim of improving product quality, enhancing health and safety, strengthening market access and trade, and building consumer confidence. (ASTM 2020)

The atomic digital clock located in Fort Collins, Colorado, that is the master clock of the United States. It provides the precise time as the basis for all other clock systems.

Documents prepared by an entity’s attorney that are exempt from disclosure (e.g., public records law, court orders).

The means by which an entity sells its surplus property to the highest bidder.

An unethical practice whereby an entity discloses information contained in one supplier’s submission to another supplier(s), with the intent that the latter supplier(s) may use that information to improve their response(s).

A formal examination or verification of financial accounts or other business operations by internal staff or independent experts, concluding with a detailed report that may also include a management letter or findings. Examples include compliance, financial, and performance audits.

The right to perform certain acts or prescribe rules governing the conduct of others. (Nash and Rawicz 1997)