Glossary of Key Purchasing and Supply Terms Term of the Day:
FAIR MARKET VALUE
The value of an item as determined by negotiation between purchasers and suppliers, which is acceptable as a basis for a purchase and sale.
The National Association of Purchasing Management has become the Institute for Supply Management. Please be aware that NAPM.org is now ISM.ws.
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LexisNexis
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Sourcing Consortia
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