Dictionary of Procurement Terms

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: 1-10 of 96 results for “I”
  • ICE

  • ID/IQ Contract

  • IFB


  • IMF

  • Immaterial Defect

    A tangential flaw having no material body or form that may be corrected without prejudice to other bidders (e.g., the submission of two copies of a catalog when three copies were requested).
  • Imperfect Competition

    A condition that exists when the marketplace is dominated by only one or possibly a few sellers. This is referred to as an oligopoly.
  • Implied Warranty of Fitness for a Particular Purpose

    A warranty that applies to an instance in which the seller—at the time of contract—has reason to believe that the buyer wants the goods for a particular purpose, and the buyer is relying on the seller’s skill or judgment to select or furnish suitable goods.
  • Implied Warranty of Merchantability

    A promise, arising by operation of law, that something that is sold will be merchantable and fit for the purpose for which it is sold. Implied warranties come in two general types: merchantability and fitness.
  • Import

    A good or service that is produced in one country and purchased in another. 2. The act of bringing in a good or service from another country.



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