Dictionary of Procurement Terms

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Search Results: 61-70 of 118 results for “M”

  • Mediated Arbitration

    An alternate dispute resolution (ADR) process frequently referred to as “med-arb.” It begins as mediation until an impasse is reached. When an impasse is reached, the neutral party is authorized by the parties to issue a binding opinion on the cause of the impasse or the remaining issues in dispute.

  • Mediation

    A voluntary, flexible technique for resolving disputes. The contracting parties present their positions to a mediator who then works with them in negotiating a settlement. Generally, each party appoints a principal with the authority to settle the dispute. (Nash, Schooner, & O’Brien, 1998)

  • Memorandum of Understanding (MOU)

    A quasi-contract generally entered into between government agencies and private sector contractors who may be providing services to the government. It may also be entered into between inter/intra government agencies and details the essence of the agreement between the parties, but lacks the enforceability of a contract.

  • Merchantable

    Of commercially acceptable quality; the quality and condition of the item to be sold to fulfill the requirements of the purchaser.

  • Merchantable Quality

    A requirement of the Sale of Goods Act that goods must be fit for at least one ordinary purpose; adequate for ordinary use.

  • Merger Clause

    The purpose is to prevent the parties to a contract from later claiming that the contract does not reflect their entire understanding.

  • MERX

    CANADIAN A Canadian online service that advertises government contracting opportunities to potential Bidders.

  • Metric

    The term given to the measurement of performance. An analytical application of measurements that allows comparison of performance standards.

  • Metric Conversion Act of 1975

    An act designating the metric system as the preferred system of weights and measures for United States trade and commerce requiring all agencies to use the metric system in their acquisitions, unless it is impracticable to do so or is likely to cause significant inefficiencies or loss of market to United States firms. (FAR 11.002).

  • Metric System

    A decimal system of weights and measures, based on the meter as the unit of length, the gram as the unit of mass or weight, and the liter as the unit of volume.

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