Commonly Used Terms
Amendment to Lease – a supplement, revision, or addition to a lease
Brand Name or Equal Specification – the use of a brand name and model number to identify/define the standard of quality, performance and other factors required by the RFQ allowing for an equivalent from any manufacturer
Consultant – agreement established with a company or individual for knowledge/expertise or work on a specific project, usually involving a memorandum of agreement
KSU Surplus Property – University web site used to post items no longer needed by one department for other departments to view and possibly use before disposing of the property
Emergency Purchase – necessary purchase when time does not allow for competitive purchasing procedures because of a threat to health, welfare, safety or agency operations that must be resolved immediately
Entertainers, Lecturers, Speakers – contracts established with a company or talent agency for services (i.e. singers, touring companies, etc.) and a written contract approved by Purchasing is required
Federal Surplus Property – program that encourages reutilization of excess federal property sold to state agencies at a discounted price
FOB (free on board) – delineates ownership of purchased/sold goods while in transit.
FOB Origin – buyer owns goods in transit
FOB Destination – buyer owns good at destination
Freight Prepaid and Allowed – freight charges paid by the shipper and included in the cost of the goods
Freight Prepaid and Added – freight charges paid by the shipper are added to the invoice
Honorariums – a fee or gift paid to an individual as a thank you for time and effort, usually under $500
Lease – legal contract between the lessee and lessor agree to the use of property in exchange for a fee
Lease Term – specified duration of a lease
Lease to Own/Purchase – agreement between lessee and lessor for the use of property in return for a fee, with the understanding that the lessee may purchase the property outright at a specified time by paying an additional sum
Lease-Purchase Agreement – an agreement where lease payments, either in whole or in part, are applied to an overall purchase price
Lessee – the party paying to use property (i.e. equipment, land, etc.); tenant
Lessor – the party who owns the property being leased and has the authority to set up a lease
Premises – property which is leased (i.e. building or any part thereof)
State of Kansas Surplus Property – program that encourages reutilization of excess state property
