NEGATIVE NET WORTH A business condition when total liabilities exceed total assets.
NEGOTIATED GRIEVANCE PROCEDURE The sole and exclusive procedure available to all employees in a bargaining unit and the employer for processing grievances and disputes.
NEGOTIATION Contracting through the use of either competitive or other-than-competitive proposals and discussions. Any contract awarded without using sealed bidding procedures is a negotiated contract.
NEGOTIATION (CONTRACTING) Contracting through the use of either competitive or other-than-competitive proposals and discussions. Any contract awarded without using sealed bidding procedures is a negotiated contract.
NEGOTIATION DISPUTE That point in negotiations where labor and management cannot come to an agreement on some or all of the issues on the bargaining table and the services of the FMCS have not been utilized.
NEGOTIATION (EMPLOYEE) The “face to face” process used by local unions and the employer to exchange their views on those matters involving personnel policies and practices, or other matters affecting the working conditions of employees in the unit and reduced to a written binding agreement. Used also by contracting officers to reach agreement with potential contractors.
NET WORTH Property owned (assets), minus debts and obligations owed (liabilities), is the owner’s equity (net worth).
NMVC – New Markets Venture Capital The New Markets Venture Capital (NMVC) program is modeled after the Small Business Administration’s (SBA) successful Small Business Investment Company (SBIC) program but has a specific mission of economic development in low-income (LI) areas. Through a combination of equity-type financing and intensive operational assistance to smaller businesses located in LI areas, the program seeks to assist local entrepreneurs, create quality employment opportunities for residents and build wealth within these communities. SBA intends to achieve these public policy objectives through financial assistance to newly formed NMVC companies and to existing Specialized Small Business Investment Companies (SSBICs).
NONMANUFACTURER For purposes of Federal government contracts, a firm that supplies a product it did not manufacture is termed a nonmanufacturer. To qualify for Federal government contracting, a nonmanufacturer must have 500 or fewer employees, be primarily in the wholesale or retail trade, and supply the product of a US small manufacturer. This requirement is called the “nonmanufacturer rule.” This rule does not apply to supply contracts of $25,000 or less that are processed under Simplified Acquisition Procedures. The requirement may also be waived through formal procedure by the Associate Administrator for Government Contracting if there is no small manufacturer in the Federal market for a class of products.
NONMANUFACTURER RULE WAIVERS Section 303 (h) of Public Law 100-656 and Section 210 of Public Law 101-574 incorporated into the Small Business Act requires that agency contracts be directed solely to small business manufacturers under set-aside provisions. This requirement is commonly referred to as the Nonmanufacturer Rule. The Small Business Act also contains provisions that allow the Administrator of the Small Business Administration (SBA) to waive this requirement when there are no small business manufacturers or processors available to supply the product to the Federal Government.
NORTH AMERICAN INDUSTRY CLASSIFICATION SYSTEM (NAICS) The North American Industry Classification System (NAICS) is replacing the U.S. Standard Industrial Classification (SIC) system. NAICS will reshape the way we view our changing economy. NAICS was developed jointly by the U.S., Canada, and Mexico to provide new comparability in statistics about business activity across North America.
NOTES AND ACCOUNTS RECEIVABLE A secured or unsecured receivable evidenced by a note or open account arising from activities involving liquidation and disposal of loan collateral.