Dictionary of Procurement Terms

Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

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Search Results: 81-90 of 102 results for “M”
  • 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.
  • Model Procurement Code

    See ABA Model Procurement Code for State and Local Government (U.S. law).
  • Modification

    Any written alteration to a provision of any contract accomplished by mutual agreement of the parties to the contract. See Also: Change Order.
  • Monetary System

    The set of government regulations concerning a country’s monetary reserves and its holdings of notes and coins. (Business 2000)
  • 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).
  • 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.
  • Monopoly

    A market characterized by a single supplier that sells a unique good or service.
  • Monopsony

    A market in which there is only one buyer.
  • MOU

  • 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.



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