Dictionary of Procurement Terms

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Search Results: 11-20 of 102 results for “M”
  • Mandatory Requirement (Condition)

    May apply to Request for Proposals (RFP) and Invitation for Bids (IFB), and is a condition set out in the scope of work/specifications that must be met without alteration. A mandatory requirement should be clearly identified. Not meeting a mandatory requirement may be grounds for disqualification of a bid or proposal.
  • Manifest

    A document that lists the items in a shipment, for the use of officials, e.g., customs; a bill of lading.
  • Manufacturer

    A person or business entity that creates, makes, processes, or fabricates a product or something of value that changes a raw material or commodity from one form to another or creates a new product or commodity. (Business, 2002)
  • Manufacturer's Price List

    A price list published in some form by the manufacturer and available to and recognized by the trade. The term does not include a price list prepared especially for a given ​offer.
  • Market

    1. A group of individuals who have a collective need, purchasing power, and the desire and authority to spend money on goods, services, and ideas. 2. A setting where ​buyers and sellers establish prices for identical or very similar products, and exchange goods and/or services. 3. The aggregate forces (including economics) at work in trade and commerce in a specific service or commodity.
  • Market Analysis

    The process of analyzing prices and trends in the competitive marketplace to compare product availability and offered prices with market alternatives and establish the reasonableness of offered prices. (Business, 2002)
  • Market Basket

    A standard set of goods, services, or combination of the two, used to determine a supplier's price for evaluation purposes or to calculate an index.
  • Market Demand

    The total quantity of a good or service that buyers are willing and able to buy during a specific time.
  • Market Economy

    An economic system in which prices are guided through free, unrestricted trade between buyers and sellers.
  • Market Grade

    Used when procuring commodities that are traded regularly on the commodity exchange such as lumber, steel, food products, and fuel. Grading determines the quality level of the commodities. Trade associations, commodity exchanges, and government entities are sources of market grade information.