Glossary


A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

Packing List

A document that itemizes in detail the contents of a particular package or shipment.

Partnerships

An agreement between two or more individuals or entities for the purpose of conducting a business relationship. This relationship may be informal (non-contractual) or formal (written contract).

Paymode Terms

A specific set of accepted conditions for vendor invoice payment via electronic funds transfer.

PCI DSS (Payment Card Industry Data Security Standard) (PDF)

Glossary, Abbreviations and Acronyms related to PCI DSS. (Click here for complete PDF)

Permanent Funds

Are those designated by the donor as unexpendable endowment.

Personal Injury

Liability for injury, other than bodily injury, to a person. Includes defamation, false arrest, invasion of privacy, and other non-physical injuries.

Plant Equipment

Includes equipment, machine tools, test equipment, furniture, vehicles, accessory and auxiliary items used or capable of use in the manufacture of supplies, in the performance of services, or for any administrative or general plant purpose. This category excludes special tooling and special test equipment.

Pledge

A written or oral agreement to contribute cash or other assets to the Institute. A pledge may be either conditional or unconditional.

Conditional Pledge specifies a future and uncertain event whose occurrence, or failure to occur, releases the promisor from its obligation.

Unconditional Pledge is a promise to give that depends only on the passage of time or a demand by the promise for performance.

Policies and Procedures

Statements that guides MIT faculty and staff members in the pursuit of Institute objectives and in relations with the community at large.

Prepaid Expenses

Are amounts that are paid in advance to a vender or creditor for goods and services. Typically, insurance premiums are paid in advance of the coverage contained in the policy. Prepaid Expenses are categorized as Current Assets because they are an advance payment for a good or service that will be received in the future.

Procurement Card

A purchasing instrument issued to MIT employees for small dollar purchases upon administrative approval, agreement, signature and acceptance of written guidelines.

Procurement Card Agreement Form

A signed document that acknowledges and accepts responsibility for participation in the MIT procurement card program.

Procurement Card Holder

The person to whom a unique MIT purchasing instrument has been issued with the understanding that the use of such an instrument is to be guided by specific terms and conditions.

Procurement Verifier/Certifier

A person within a DLC who is authorized to approve payment against specific cost objects.

Property Damage Liability

Liability for physical damage or destruction of tangible property of others. Includes the loss of use of tangible property, if the loss is covered by an occurrence under the general liability policy.

Protection & Indemnity Coverage (watercraft)

Coverage for bodily injury, medical and legal expenses, etc., associated with liability claims arising from the operation and/or transport of covered watercraft

Purchasing Quick Buy Guide

An MIT reference document used by Institute DLCs to assure compliance with procurement policies and procedures.