A lien in favor of those who have performed work or furnished materials for the construction of a building; is attached to the land as well as the building to secure payment.
The midpoint in a list of numbers or occurrences. (Business, 2002)
An alternate dispute resolution (ADR) process frequently referred to as “med-arb.” It begins as mediation until an impasse is reached. When an impasse is reached, the neutral party is authorized by the parties to issue a binding opinion on the cause of the impasse or the remaining issues in dispute.
Intervention in a dispute where the parties voluntarily meet with a mutually approved neutral third party who guides the negotiation of issues toward settlement.
Memorandum of Understanding (MOU)
A quasi-contract generally entered into between government entities and private sector contractors who may be providing services to the government. It may also be entered into between inter/intra government entities and details the essence of the agreement between the parties, but lacks the enforceability of a contract.
Of commercially acceptable quality; the quality and condition of the item to be sold to fulfill the requirements of the purchaser.
A requirement of the Sale of Goods Act that goods must be fit for at least one ordinary purpose; adequate for ordinary use.
The purpose is to prevent the parties to a contract from later claiming that the contract does not reflect their entire understanding.
The term given to the measurement of performance. An analytical application of measurements that allows comparison of performance standards.
Study of the economic behavior of individual units of an economy such as a person, household, firm, or industry. (Schiller, 2000)