Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

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Search Results: 91-100 of 101 results for “M”
  • MRP

  • MSDS

  • Multi-Step Bidding

    A method of source selection involving two competitive steps that combine the elements of both Invitation for Bids and Request for Proposals. The first step may require the submission of technical and price proposals, with only the technical proposals being evaluated and scored. The second step involves opening the price proposals of those firms that have achieved the highest technical scores and are in competitive range.
  • Multi-Year Contract

    A procurement contract that extends for longer than one year.
  • Multinational Corporation

    A corporation that operates on a global scale, without significant ties to any one nation or region. (Business 2000)
  • Multiple Award

    Contracts awarded to more than one supplier for comparable supplies and services.
  • Must

    Denotes the imperative in contract clauses or specifications/statements of work. Also indicates a legal condition required to occur before a prescribed consequence will happen.
  • Mutual Assent

    In contracts, the agreement of each party to all the terms and conditions in the same context and with the same meaning.
  • Mutual Termination

    An action by all parties to a contract that ends the contract.
  • Mutuality of Obligation

    One of the elements of a contract. Both parties to an agreement are obligated, or none of the parties is obligated. Both parties must supply consideration to the other party. It is a sub-element of consideration. There may be more than two parties obligated in an agreement.
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