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Mean
The arithmetic average; the average value
of a set of numbers. (Business 2002)
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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.
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Median
The midpoint in a list of numbers or
occurrences. (Business 2002)
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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.
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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.
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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.
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Merchantable
Of commercially acceptable
quality; the quality and condition of the item
to be sold to fulfill the requirements of the
purchaser.
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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.
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Merger Clause
A clause meant to prevent the
parties to a contract from later claiming that
the contract does not reflect their entire
understanding.
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Metric
1. Term given to the measurement of
performance.
2. An analytical application of measurements
that allows comparison between performance
standards.
