An inventory of goods, materials or spare parts that are held, by agreement with the supplier, in the possession of the buyer. Whilst the goods are in the physical custody of the buyer, they remain the property of the supplier and are paid for as the buyer issues them. Consignment stock is sometimes supplied on a ‘sale or return’ basis. Vendor managed inventory extends the concept in that the supplier not only supplies the inventory but also manages the stock levels. See also Inventory, Vendor Managed.
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Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and procurement consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.
