Dictionary of Procurement Terms

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.

Minority and Woman’s Business Enterprises. See also: Historically Underutilized Business (HUB), Minority-Owned Business Enterprise (MBE), Small Disadvantaged Business, Woman-Owned Business Enterprise (WBE), Economically Disadvantaged Individuals.