A spare part, spare, service part, repair part or replacement part is an interchangeable part that is kept in an inventory and used for the repair or replacement of failed units. Spare parts are an important feature of logistics engineering and supply chain management, often comprising dedicated spare parts management systems.

Capital spares are spare parts which, although acknowledged to have a long life or a small chance of failure, would cause a long shutdown of equipment because it would take a long time to get a replacement for them.

Consumable Parts means all consumable parts and consumable supplies including, without limitation, lubricating oil, other lubricants, seals, rods, bolts, nuts, washers (other than bolts, nuts, washers for the foundation anchors), bushings, gaskets, filters, other items normally consumed in the assembly, installation, erection, Commissioning and operation of the system.

Service parts management is the main component of a complete strategic service management process that companies use to ensure that right spare part and resources are at the right place (where the broken part is) at the right time.