Glossary (Continued)

Competitive Bidding: A common method of selecting sources for contract awards. Suppliers interested in participating in the process are asked to submit information on prices and other specified elements of performance. NMU requires competitive bidding on all items over $3,000.00.
Confirming Order: A statement used to communicate to the vendor that this order has been phoned or faxed. A requestor needs to type this statement on a requisition when it has been called into a vendor to help ensure the order is not "double booked".
Contract: A legally binding agreement between two or more competent parties that defines a job or service to be performed. Example: A purchase order.
Damage, concealed: Contents of a container are damaged while no damage is visible on the container.
Damage, visible: Container is damaged and is noted on the freight bill when the merchandise is offered for delivery.
Discount: A deduction from the normal price of an item(s) given by the vendor to the purchaser.