Dictionary of Procurement Terms

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Search Results: 51-60 of 101 results for “M”
  • Mechanic’s Lien

    A lien in favor of those who have performed work or furnished materials for the construction of a building; it is attached to the land as well as the building to secure payment.
  • Median

    The midpoint in a list of numbers or occurrences. (Business 2002)
  • Mediated Arbitration

    n alternate dispute resolution (ADR) process frequently referred to as “med-arb.” When an impasse is reached in mediation, a neutral party is authorized by the parties to the contract to issue a binding opinion on the cause of the impasse or the remaining issues in dispute.
  • Mediation

    An intervention in a dispute in which the parties to a contract voluntarily meet with a mutually approved neutral third party who guides the negotiation toward settlement.
  • Memorandum of Understanding (MOU)

    A quasicontract generally entered into by government entities and private sector contractors who may be providing services to the government; it may also be entered into by inter-/intragovernment entities. An MOU details the essence of an agreement between the parties but lacks the enforceability of a contract.
  • Merchantable

    Of commercially acceptable quality; the quality and condition of the item to be sold to fulfill the requirements of the purchaser.
  • Merchantable Quality

    A requirement of the Sale of Goods Act that goods must be fit for at least one ordinary purpose; adequate for ordinary use.
  • Merger Clause

    A clause meant to prevent the parties to a contract from later claiming that the contract does not reflect their entire understanding.
  • Metric

    1. Term given to the measurement of performance. 2. An analytical application of measurements that allows comparison between performance standards.
  • Microeconomics

    The study of the economic behavior of the individual units of an economy, such as a person, household, firm, or industry. (Schiller 2000)
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