AGENDA MARCH 9, 2011 5:00 PM 1. Meeting called to order 2. A ...

Fee: a sum of money asked or paid for some service, charge, or payment, usually forprofessional or technical service.Field Purchase Order: a dollar limited and specific purchase order used in situations whereauthority to make the type of purchase involved has been delegated to using agencies.Firm Bid: a definite price proposal as differentiated from an "estimated" bid. A bid that bindsthe bidder until a stipulated time of expiration.Fiscal Year: a period of twelve consecutive months selected as a basis for annual financialreporting, planning or budgeting.Formal Bid: a bid that must be submitted in a sealed envelope and in conformance with aprescribed format to be opened publicly at a specified time.Free On Board (F.O.B.): a shipping term defining the point at which the buyer takes legal titleto the goods, who is responsible for payment of freight, and who is responsible for prosecutingclaims against carriers for loss or damage to the goods in transit.Goods: all material, equipment, supplies, printing, and automated data processing hardware andsoftware.Identical Bid: a bid that agrees in all aspects with another bid. See Tie Bid.Informal Bid: a request for price quotations for commodity or service that does not require asealed bid or public opening or reading of bids.Informality: a minor defect or variation of a bid or proposal from the exact requirements of theIFB or RFP which does not affect the price, quality, quantity, or delivery schedule for the goodsor services being procured.Inventory: a stock of goods or an itemized list of a stock of goods indicating volume and values.Inventory Control: management supervision of estimated requirements, production,procurement, distribution, maintenance, and disposal of materials.Inventory Turnover: the number of times in a year that an entire inventory is issued andreplaced.Invitation for Bid (IFB): a formal request to prospective suppliers requesting price quotations.The term includes all documents that are attached or incorporated.Invoice: seller’s itemized document stating prices and quantities of goods and/or servicesdelivered and sent to buyer for payment.101|Page