Glossary of Terms and Abbreviations

  • A

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    • 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

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    • 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

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    • 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

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    • 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
    • Durational Closure

      Should a lot close with either 0 bids, or with a highest bid which is below reserve, the lot's closing time will be extended by an hour. Bidding then continues as normal. Should any bids be placed on that lot within the last 5 minutes of its extended life, the rules of extended time then take over.
  • E

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    • 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
    • Extended Time

      As part of its online auction process, Government Liquidation practices "Extended Time". Auction end / close times are automatically extended an additional 5 minutes whenever a bid is placed within the last 5 minutes of an auction. This will continue until no bids are placed for the last 5 minutes of an online auction. The auction is only extended on the lots receiving bids within the final 5 minutes. All other lots will close at the specified times. This service is a courtesy to bidders with slower Internet connections.
  • F

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    • 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

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    • 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

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    • 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

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    • 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

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    • Manned Site

      Sites where Government Liquidation personnel are available
    • Mil-spec

      Military specifications
  • N

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    • NIIN

      National Item Identification Numbers
    • NSN

      National Stock Number
  • P

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    • PLT

    • POC

      Point of Contact
  • R

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    • 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.
    • Reserve Price

      The price at which the Seller is obligated to sell the asset. Reserve Prices are set by the seller, are optional, and act to protect the seller's financial interest in an asset. Reserve Prices are not a valuation of an asset and may be set by the Seller above or below the market price for the item.

      While the Reserve Price is not made public, bidders can tell if it has been met by looking at the item's detail page.

      If the highest bid is below the Reserve Price, the Seller may, at his discretion, sell the asset at that price during the auction, but is not obligated to do so. Bidders on a lot that failed to meet or exceed its reserve may be contacted in this regard following the close of the sale.

    • Residue

      Indicates an item is incomplete. *Associated with vehicle sales, where no SF97 is issued
  • S

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    • 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

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    • 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

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    • 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

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    • 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

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    • 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

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    • 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 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

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