-
Maverick Spending
Purchases made outside of
procurement policies and procedures or
established contracts.
-
Maximum Stock Level
The level that represents
the maximum amount of stock of an item that
may be held.
-
May
Denotes the permissive in a contract clause
or specification.
-
MBE
Minority Business Enterprise. See also:
Historically Underutilized Business (HUB),
Small Disadvantaged Business, Woman-
Owned Business Enterprise (WBE),
Economically Disadvantaged Individuals.
-
Mean
The arithmetic average; the average value
of a set of numbers. (Business 2002)
-
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.
-
Median
The midpoint in a list of numbers or
occurrences. (Business 2002)
-
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.
-
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.
-
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.
