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Purchasing/Stores Glossary of Terms

Glossary Terms Beginning with "L"

Late Bid or Proposal
A bid or proposal which is received at the place designated in the Invitation for Bids after the hour established by the invitation as the time by which all bids or proposals must be received.

Late Charges
Penalty for not making vendor payment within the terms of the contract; by state law, it is established at 1% per month.

Lead Time
The period of time from date of ordering to date of delivery which the buyer must reasonably allow the vendor to prepare goods for shipment.

Lease
A contract conveying from one person (lessor) to another (lessee) real estate or personal property for a term in return for a specified rent or other compensation.

Lease-Purchase Agreement
A rental contract in which the renting party's periodic payments or parts thereof are applied both to fulfill the rental obligation and as installments for eventual ownership of the commodity upon completion of the agreement. See University of Washington Policies & Procedures, Purchasing Department, Procedure 7.3.2.

Life-Cycle Costing
A procurement technique which considers operating, maintenance, acquisition price, and other costs of ownership in the award of contracts to ensure that the item acquired will result in the lowest total ownership cost during the time the item's function is required.

Line Item
A procurement item specified in the Invitation for Bids for which the bidder is asked to give individual pricing information.

Liquidated Damages
A specific sum of money, set as part of a contract, to be paid by one party to the other if one should default on the contract.

List Price
The published price for an item that a vendor uses for informing customers and potential customers.

Lost Discount
A discount which has been lost because payment was not made by a specific date.

Lowest Responsive Bidder
That bidder who is awarded a contract because bid in unit price, total cost of operation, or value per dollar is lower than any of the bidders whose reputation, past performance, and business and financial capabilities are such that they would be judged by the appropriate authority to be capable of satisfying the needs for the specific contract.