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Model Number
An identification number
assigned to describe a style or class of item,
such as a particular design, composition, or
function by the manufacturer or distributor of
that item.
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Model Procurement Code
See ABA Model
Procurement Code for State and Local
Government (U.S. law).
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Modification
Any written alteration to a provision
of any contract accomplished by mutual
agreement of the parties to the contract. See
Also: Change Order.
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Monetary System
The set of government
regulations concerning a country’s monetary
reserves and its holdings of notes and coins.
(Business 2000)
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Monitoring
A contract administration tool,
whereby certain procedures are developed to
assure the public entity that contracted
services are being delivered in accordance
with the terms and specifications of the
contract. See also: Quality Assurance (QA).
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Monopolistic Competition
A market in which
there are fewer sellers of goods and services
than in a pure-competition environment that
sells goods and services that are similar, but
not equivalent.
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Monopoly
A market characterized by a single
supplier that sells a unique good or service.
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Monopsony
A market in which there is only one
buyer.
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MOU
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Moving Average
A continuous average method
used to gather the most current usage
information about an item by taking current
trends into account and always using the
most recent data.
