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University Business Services
UC Santa Cruz
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Santa Cruz, CA 95064-1077

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Glossary - T U V W X Y & Z

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

three-way match (invoice payments) - For payments over $10,000: The invoice (FYAINVE) will be processed through the approvals after the receiver (FPARCVD) has been entered for single commodities of $10,000 or more, and for commodities with multiple payments that cumulatively total $10,000 or more (e.g. blanket purchase orders and/or single commodities with multiple shipments.) The payment is scheduled after the invoice (FYAINVE) and the received goods form (FPARCVD) are entered, and after Accounts Payable runs the matching process (FABMATC). When the FABMATC process is run, FIS Banner will match the invoice, the received goods form and the purchase order.
 
two-way match (invoice payments) - For payments under $10,000: Payment is automatically scheduled after the invoice (FYAINVE) is approved in FIS Banner. FIS Banner automatically matches the invoice with the FIS Banner purchase order and schedules printing of the check per the payment due date established for that invoice.
 
UCC - Uniform Commercial Code

UCOP - UC Office of President - See University of California Office of the President UCOP Home Page
 
unauthorized purchases - a purchase for which (1) the individual has not been delegated the authority to make a purchase against the specified fund; (2) the individual has not been delegated the authority to make a purchase of a particular item; (3) the item to be purchased cannot be purchased against the specified fund; (4) there are insufficient funds to cover the expenditure; (5) the proper purchasing procedures have not been followed
 
uniform commercial code - A set of rules covering commercial transactions that are subscribed to by all 50 states, except Louisiana, as published by the American Law Institute and the National Conference of Commissioners of Uniform State Laws.
 
unique products - A product or service the characteristics and functions of which are such that only a single product or service will properly satisfy the University's needs and all other products or services will be unacceptable for such needs.

UNSPSC - Commonly called the Product Service Code. The United Nations Standard Products and Services Code is a global classification system in which a single code number is unique for each individual product. The commodity code can be derived from the UNSPSC, so need not be specified separately when the UNSPSC is known.
 
value added - Those activities or steps that add to or change a product or service as it goes through a process; these are the activities or steps that customers view as important and necessary.
 
value proposition - 1. The unique added value an organization offers customers through their operations. 2. The logical link between action and payoff that knowledge management must create to be effective; e.g., customer intimacy, product-to-market excellence, and operational excellence [Carla O'Dell & C.Jackson Grayson].

vendor - Vendors are the suppliers of goods and services for the University. The University needs and expects the following services from vendors:

• Dependable products, service and delivery promises.
• Service work completed on schedule.
• Competitive prices.
• Settlement of warranty actions on a timely basis.
• Good communication with buyers.
• Suggestions for substituting material to reduce cost.

Suppliers of goods and services performing work on-site at any University location must show evidence of adequate insurance coverage that will defend and hold the University harmless from any loss, injury or damage connected with the furnishing of such goods and services.

veteran-owned small business (VBE)

1. Not less than 51 percent of which is owned by one or more veterans (as defined at 38 U.S.C. 101(2)) or, in the case of any publicly owned business, not less than 51 percent of the stock of which is owned by one or more veterans; and
2. The management and daily business operations of which are controlled by one or more veterans.

warranty - A warranty is a promise made by the seller. To be enforceable, the terms of the warranty must be expressed in the contract or the purchase order.

• It is important that buyers specify the terms and conditions of the agreed-upon warranty in the purchase order.
• If the warranty, or extended warranty, has a cost, this cost must be calculated into the total cost.
• The contract (purchase order) needs to specify the exact terms of the warranty: • Repair or replacement • Effective date • Length of warranty • Price (if not included in purchase price).

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Last revised: January 15, 2007 (am)