Glossary of Purchasing and Warehouse Inventory …

1 Glossary of Purchasing and Warehouse Inventory terms Standard Terminology and Definitions Relating to Purchasing and Warehouse Inventory Systems Access Space-An aisle used to gain access to Antitrust Legislation-Laws(s) enacted to prevent facings, slots or stacks. Accountable Stock-Materials noncompetitive trade, supply monopolies or market designated for Inventory and some control of issue control by a limited number of producers. and/or access. The responsible agent determines level of accountability. Appropriation-A Legislative designation of a budget or funding which may only be expended for a certain Active Block-A uniform block after one or more purpose.

2 Elements have been removed, , a block that is being worked. Approved Brand or Equivalent Specification-A. specification referencing a certain brand and model of Address-A number, or a combination of numbers a product that meets the quality and performances and/or letters, used to designate a particular required. This type of specification may allow bidding Warehouse location facing or slot. of other manufacturer's brands which comply with the standards called for. Also, known as a "Qualified Administrative Code-A regulation or rule having the Product". effect of law and promulgated by an agency to make a law specific.

3 Such regulations are subject to Approved Brand Specification-A specification Legislative approval prior to enactment. referencing a brand and model or certain manufacturer's product. This specification does not Advice of Shipment-Notification to the purchaser that allow equivalent brands. shipment has been made. Agency-A department or administrative division of a government authorized to Arbitration-A process to resolve a dispute between transact certain business. two parties by a decision presented by one or more disinterested and uninvolved parties. Agent-An individual authorized by an administrator or superior to perform as in public procurement.

4 Archival Quality-Paper products manufactured to withstand a specified time period retaining a required Agreement-A bargain between parties in dealing with integrity of the original characteristics. one another such as may be applied in procurement to define terms and performance. As Is-An indication or notice that the seller of goods will not be responsible for the condition or performance Aisle-Any passageway within a storage area. if the purchaser accepts them. All-Or-None Bid-An invitation to bid for more than Assignment -A subcontract or a transfer of claims, one, or a list of items or services for which a partial rights or interests of goods, services or property.

5 Award would not be made. Authorized Price List-A list of goods or services Alternate Bid-(1) A bid offering alternative goods or resulting from a contract which provides agreed upon services. (This type of offer may suffice when prices and the necessary information to place orders. requirements may be met with various items or service. (2) A bid submitted which offers goods or Award-A notification that a bid or proposal is services in substitution of those requested. Such an accepted. award would be considered only if the bid conditions allow and if the offer is acceptable.)

6 Back-Door Selling-Enticements by vendors for agencies to purchase goods or services without Alternative Request for Proposals -A Request for seeking competitive offers or bidding. Proposals inviting innovative proposals which would meet the needs of the using agency(ies). Back-Order-An unfilled request for issue of Warehouse stock. The term requires the generation of a purchase order for stock replenishment if not already ordered. Back-order filling is a matter for policy Claim-A demand for compensation due to non- statement. compliance, damages or injury as authorized by contract or Law.

7 Bale-Compressible articles or material assembled in a shaped unit and usually bound with cord or metal ties Client Agency -A using agency benefiting by a under tension. May be wrapped in paper or textile purchase made or a contract established by a material or combinations thereof. procurement administration. Bay-Designated area within a section of a storage Code of Ethics-A written publication of behavioral area, or a shop, outlined by marking on columns, posts aspects required of appointed, elected or individuals or floor. Usually, a specific area within a section, such under the employment of a jurisdiction.

8 Collusion-An as 20' x 20' squares. Best Interest of the State (or alliance between bidders or persons designed to Political Subdivision-A procurement action taken when interfere with just accomplishment of a purpose or a acceptance of a superior offer is made and a definite fair opportunity to bid. advantage is determined. Column-Two or more units tiered on top of one Bid Award File-A file maintained on certain bidders or another. commodities to provide comparable information for future bidding or to indicate if collusion may be Commercial Law-Law regulating Commerce and expected.)

9 Trade activities. Such Laws provide direction for Purchasing personnel as well as suppliers. Reference Bid Bond-An agreement by a third party financier that "Uniform Commercial Code". a certified amount of money is insured and payable if a bidder refuses to accept a contract. Commodity-Any tangible item of property purchased, leased or otherwise obtained by the State and its Bid Deposit-The deposit of a specified amount agencies. Includes deferred payment interest on submitted by a bidder to a purchaser which would be purchase of tangible personal property and letting of forfeited should the bidder fail to accept the contract if publications upon contract.

10 Commodity does not awarded. include goods/property purchased for resale. Bid Opening-The timely process of opening bids Competitive Quotations-A Purchasing method used made to an invitation and making them available to to obtain competitive pricing for goods when the review for the first time. anticipated cost is less than the amount required for formal or competitive sealed bids. This method is used Bid Sample-An exact example of a product offered by only for small purchasers and should be documented a bidder as a requirement. Such samples may be or recorded by written statements from the suppliers.