Speak like a buyer

Man writing in notebook
Man writing in notebook

Common procurement terminology can sometimes be confusing. Visit our newsletter each issue to learn a few common procurement words and phrases to help you speak like a buyer, or at least understand one.

Definition: Standard clauses used in a bid or contract document
Examples: The University Standard Agreement and Fee For Service Agreement

Brand Name or Equal
Definition: A form of specification whereby the commodity or product is described by a unique identifier specific to a particular seller or manufacturer
Example: A customer specifies they want “Boise Cascade” office paper, or an equivalent which may be another brand or generic label product which matches the name brand specifications, which may also save money.

Business Justification
Definition: A reason or defense for proceeding with a purchase in a non-competitive environment
Example: A good business justification will include details, data and documentation. A few examples of what to do and NOT to do may be found in our April 2019 PED Talk available online (https://procurement.unl.edu/procurement-educational-discussions)

To learn more words, visit our website: https://procurement.unl.edu/glossary