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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.
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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.
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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
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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.
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Mission Statement
A formal summary of the
purpose and values of an entity, business, or
organization.
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Mistake (in Bids)
Minor errors made in the form
of bidding; for example, failure to insert a
decimal point.
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Mistake of Fact
A misunderstanding of the facts
or a flawed perception of the correct state of
affairs, which may be remedied by a court
of law.
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Mistake of Law
An error—not in the actual facts—
but in their legal significance, relevance, or
consequence, for which there is no relief from
a court of law.
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Misuse
Improper or incorrect use of something
of value that was intended for another
purpose.
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Mitigation
The act of reducing the severity or
damage caused by an undesirable
occurrence.
