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William P. Angrick, CEO of
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Glossary of Terms & Abbreviations

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

15-Minute Rule Auction closing rule, in which the closing time is extended if and when any bids are entered during the final fifteen minutes of an auction. Once extended past the original deadline, the auction will extend itself an additional fifteen minutes until a fifteen-minute interval of time passes with out a bid being placed.

 

A(top)

Abandonment (AB) If property is not removed within the specified removal period for the sale or scheduled for removal at a later date with the GL Site Manager, GL will consider the property to be abandoned by the Buyer, and the Buyer shall have abandoned all right, title and interest therein, including entire purchase price.

 

Acquisition (ACQ) Value The cost of the item to the Federal Government upon original acquisition.

 

Advanced Search a more detailed search utilized by bidders that includes, keywords, locations, event, lot number, manufacturer, end-item identification, cage code, condition, NIIN, NSN, FSC and closing date.

 

Auction Calendar A list of upcoming Government Liquidation Events.

 

Authorization for Pick-Up a form utilized by buyers to designate a third party to remove lots for them. The authorization is embedded in the online invoice for Demil A sales and is available on the Forms section for Demil B or Q sales.

 

Auto-Bid method of bidding whereas the computer will automatically raise your bid in increments until you are outbid or your maximum has been reached.

 

Award Date date in which lots are officially assigned to the high bidder of an auction. Award date is typically the day after an event close date.

 

Bid Package when dealing with Sealed Bid sales, a downloadable Microsoft Word document which can be used to bid by fax. In terms of Internet Auctions, this is a downloaded excel spreadsheet (the excel sheet can also be downloaded for Sealed Bid sales if preferable, but does not contain the bid-by-fax directions).

 

B(top)

Buyer's Premium (BP) The buyer's premium, a common industry practice, is a 10% premium on the pre-tax total of all invoices.

 

C(top)

Cage Code 5-digit number assigned by the federal government, used to identify the manufacturer of surplus property .

 

Closing Date the final day for bidding on a GL Sales Event.

 

Condition Code - Codes assigned by the Federal Government used to classify the condition of items.

 

Customer Number An 8-digit number assigned by GL at the time of registration to identify the buyer. The bidder number can be located in subsection of My Account' entitled Profile.

 

D(top)

Default In the event the Buyer fails to pay the entire purchase price within the time set forth by GL and/or fails to comply with any of the Terms and Conditions of the sale, GL will retain the deposit (25%) as liquidated damages.

 

Demil ( Demilitarization) - Demilitarization refers to the reutilization of property previously used in the government sector into the public sector.

 

Demil Code A Federal Classification code assigned to an item to identify the level of demilitarization.

 

Demil Code A Demilitarization is not required. There are n o restrictions on resale.

 

Demil Code B - Demilitarization is not required. Trade Security Control (TSC) approval required prior to sale completion.

 

Demil Code Q - Demilitarization is not required. Trade Security Control (TSC) approval required prior to sale completion.

 

DOD Department of Defense

 

DRMO Defense Reutilization & Marketing Office

 

DLA Disposition Services Defense Logistics Agency Disposition Services

 

E(top)

End-Use Certificate (EUC) DLA form 1822, is required to be submitted when purchasing property with Demil Codes B or Q.

 

Exchange Sales - Lots included in an Exchange Sale are non-surplus property of the United States Federal Government, and not of Government Liquidation.

 

Event ID used to designate a group of lots sold within on sale

 

F(top)

FDA Federal Drug Administration

 

Federal Supply Class or Code (FSC) - The FSC Code is the most general description. It is a 4-digit number that is assigned based on end use.

 

G(top)

GL Government Liquidation

 

Government Surplus Excess property of the U.S. government that has been designated for disposal. Property has often been rejected for use by various other state or federal agencies. Government Liquidation is the last stage of this process, in which property is offered for sale to the private sector.

 

I(top)

IA Internet auction

 

Item Manifest located at the bottom of the Lot Details page, this box displays NSN, FSC, Condition Code, short description and acquisition value of product. The Federal Government provides all information in Item Manifest.

 

IMV Industrial, Marine and Vehicular

 

L(top)

Loadout another term for the scheduled removal of property from a GL site.

 

Lot - Refers to the item or items sold as one unit

 

Lot Details web page that contains specific details about a lot for sale, including photos, description, NSNs, FSCs, condition codes, item location & contact information, weight & dimensions and preview/loadout/security information. Available by clicking on any Lot Title.

 

LT an a abbreviation for lot

 

Lot Title brief summary of lot description that appears on all Lot Listing, Current Lots or Search Results pages. Clicking on the Lot Title will display the Lot Details page.

 

M(top)

Manned Site sites where Government Liquidation personnel are available

 

Mil-spec military specifications

 

N(top)

NIIN National Item Identification Numbers

 

NSN- National Stock Number

 

P(top)

PLT Pallet

 

POC Point of Contact

 

R(top)

Resale Certificate document used to verify tax-exemption status for businesses legally engaged in the wholesale or redistribution of surplus property. The state government assigns resale Certificates where the business is located. All businesses claiming this exemption need to supply GL with a copy of this certificate. Also see Resale Forms.

 

Resale Forms available on the GL website, all businesses claiming a tax-exemption due to wholesale or redistribution of surplus property must supply GL with a resale form for each state in which they are conducting business. Also see Resale Certificates.

 

Residue indicates an item is incomplete. *Associated with vehicle sales, where no SF97 is issued

 

S(top)

Sales Tax Exemption Certificate See Resale Certificate

 

Sales Tax Exemption Form See Resale Form

 

SB Sealed Bid Auction

 

Screening another term for the physical inspection of property prior to bid placement. A customer may screen in person or have a third party screen for them

 

Sealed Bid Auction This type of sale allows for each bidder to make one single bid, submitted either online or via fax. The main difference between this type of sale and a standard Internet Auction is that in a Sealed Bid sale no bidder knows the bid of any other participant.

 

Search Agent predetermined search criteria specified by the bidder and stored within My Account. Also allows a customer to receive weekly email alerts based on the criteria.

 

SF97 (Standard Form 97) - United States Government Certificate to Obtain Title to a Vehicle

 

Special Commodities - restricted items that require an End Use Certificate

 

T(top)

Terms & Conditions of Sale a list of the rules, regulations, policies and procedures of all GL auctions. All buyers are encouraged to read these Terms & Conditions prior to purchasing.

 

TSC Trade Security Control

 

U(top)

Unmanned site sites where Government Liquidation personnel are not located.

 

USAinfo an alternative reference website for bidders which can be accessed by clicking directly on NSN numbers which appear in the Item Manifest on any Lot Details page.

 

Username the identification that a customer uses to log onto the website (accompanied by a password). The username cannot resemble the contact name, business name or email address.

 

V(top)

Vehicle Titling (VT) Dealer Letter of Reassignment is issued to all purchasers of vehicles sold by GL along with the Standard Form 97 (unless the lot was advertised as residue or no 97 issued). This letter transfers ownership from GL to the buyer, and is acceptable in most states.

 

W(top)

Waiver & Release of Liability statement that frees GL of any liability or damage expenses that may be incurred in association with our free tailgate loading. This statement is attached to all invoices. The form is also available under the Forms tab.

 

Watchlist this is another name for the My Auctions tab of My Account where customers view lots they are watching & bidding on.

 

Symbols(top)

Below is a list of symbols you may see on the GL website and their definitions :

 

- Stores a lot of interest in My Account

 

- Indicates a link to Sales Tax Exemption (Resale) Forms

 

- This link will create an excel spreadsheet of whichever page listing you are currently viewing

 

- Indicates an Exchange Sale

 

- On the Auction Calendar, this indicates an Event is open for bidding

 

- Indicates that additional information is available for the listed NSN

 

*- Indicates that photos are available for that particular lot

 

*- Indicates that an End-Use Certificate is required for purchase

 

*- Indicates that a FDA form is required for purchase

 

*- This link provides a list of available shipping/packing options

 

- On the Auction Calendar, indicates that the Sales Event has been closed for lotting. No additional lots will be added.


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