Dictionary of Procurement Terms

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Search Results: 61-70 of 101 results for “M”
  • Milestone

    An event or action that marks a clear stage or change in the progress or development of a project. See also: Deliverable.
  • Milestone Payment

    A sophisticated form of progress payment that shifts risk by tying payments to the successful completion of predetermined work that is deemed a significant indicator of progress toward contract completion.
  • Mini-trial

    An alternate dispute resolution (ADR) technique that is flexible, voluntary, and nonjudicial. Principals (top management) hear a short presentation of the factual and legal positions of the parties in dispute and engage in nonbinding negotiations to resolve a claim. The procedure permits either party to withdraw at any time without prejudicing the litigation process.
  • Minimum Order Quantity

    Minimum quantity that may be ordered on any one purchase order/contract.
  • Minimum Stock Level

    The planned lowest level of stock, below which stock is normally flagged for management attention and expedition of orders.
  • Minimum-Maximum Inventory Level

    A simplistic inventory system in which a minimum quantity and maximum quantity are set for an item. When the quantity drops below the minimum amount, an order is placed up to the maximum amount. This guards against stock outs and prevents the buildup of stock, either of which can be costly to the entity.
  • Minor Irregularity

    A variation from the solicitation that does not affect the price of the contract or does not give an offeror an advantage or benefit not enjoyed by the other offerors or does not adversely impact the interests of the contracting party.
  • Minority-Owned Business Enterprise (MBE)

    A business that is owned or controlled by a member of a recognized minority group, as defined by the public entity. See also: Historically Underutilized Business (HUB), Small Disadvantaged Business, Woman- Owned Business Enterprise (WBE), Economically Disadvantaged Individuals
  • Misrepresentation

    In the context of conditions that may lead to a voidable contract, misrepresentation occurs when one of the parties to a contract makes an incorrect statement about some material element of the contract, misleading the other party, which had relied on the statement when choosing to enter into the contract.
  • Mission Statement

    A formal summary of the purpose and values of an entity, business, or organization.
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