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Unconscionability
A defense that may be used
against enforcement of a contract or a part of
a contract on the grounds that it is oppressive
or unfair to one party.
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Undercapitalization
A financial situation that
occurs when a business does not have
adequate capital to meet its normal business
expenses and pay its creditors.
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Underwrite
The acceptance of liability for a third
party to guarantee payment in the event of
loss or damage, for a fee.
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Underwriter’s Laboratory (UL)
A global
independent safety science company
dedicated to promoting safe living and
working environments.
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Unfair Competitive Advantage
Government
action that provides for an advantage of one
competitor over other competitors. For example, an unfair competitive advantage
may exist when a contractor competing for an
award possesses proprietary information that
was wrongfully obtained from the government
without proper authorization. Occurs when a
contractor gains exclusive access to
information that is not available to other
contractors/competitors.
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Uniform Administrative Requirements for Grants in Aid to States and Local Governments
Document issued by the Office of
Management and Budget (OMB) in 1988 to
establish uniform administration rules for
federal grants and cooperative agreements.
See also: OMB Circular A-102.
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Uniform Commercial Code (UCC) (U.S. Law)
Published in
1952 and revised and amended in 2003, the
UCC was formulated by the National
Conference of Commissioners on Uniform
State Laws (NCCUSL) and the American Law
Institute. The Code covers a wide range of
commercial activities, but it is not applicable
to United States federal government
contracting. The UCC determines rights and
obligations on the basis of fairness and
reasonableness in the light of accepted
business practices. The UCC has been
adopted by all fifty states. Article 2, entitled
“Sale of Goods,” is the most important part of
the UCC for procurement professionals.
Absent a specific state or federal statute or
administrative regulation, Article 2 will govern
a contract for the sale of goods.
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Uniform Freight Classification
A system that
groups related goods/commodities into specific
rate categories; governs class rates for rail
transportation. See also: Class Rate.
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Uniform Mediation Act (UMA)
Adopted by the
National Conference of Commissioners on
Uniform State Laws on February 4, 2002. The
UMA was promulgated to harmonize the
proliferation of state and local mediation laws
in hopes of devising a uniform law that would
be adopted by the states.
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Unilateral
1. One-sided.
2. A procurement action initiated by one party.
3. Involving or affecting only one side or one
party.
