Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

Search the Dictionary of Terms

Search Results: 1431-1440 of 2469 results

  • 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.

  • Microeconomics

    Study of the economic behavior of individual units of an economy such as a person, household, firm, or industry. (Schiller, 2000)

    See Also: Macroeconomics

  • Milestone Code

    CANADIAN A generic code that indicates where the goods and/or services are in the materiel life cycle process.

  • Milestone Payment

    A more sophisticated form of progress payment that shifts the risk by tying payments to the successful completion of predetermined work that is deemed a significant indicator of progress toward ​contract completion.

  • Milestones

    Designated steps of the planned acquisition that usually signify a completion of a requirement or delivery of materials. Payments may be targeted to the completion of milestones. (Harney, 1992)

    See Also: Deliverable

  • Mini-trial

    An Alternate Dispute Resolution (ADR) technique that is flexible, voluntary, and nonjudicial. Principals (top management) hear a short presentation of the factual and legal positions of the parties in dispute and engage in nonbinding negotiations to resolve a claim. The procedure permits either party to withdraw at any time without prejudicing the litigation process.

Advertisement

Advertisement