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: 1421-1430 of 2469 results

  • MBE

    Minority Business Enterprise.

    See Also: Historically Underutilized Business (HUB), Small Disadvantaged Business, Woman-Owned Business Enterprise (WBE), Economically Disadvantaged Individuals

  • McGregor, Douglas

    A social scientist who authored “The Human Side of Enterprise,” published in 1960, which examines management theories on behavior of individuals at work. He formulated two models which he called Theory X and Theory Y.

    See Also: Theory X, Theory Y

  • 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; 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

    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.

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