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: 1441-1450 of 2469 results

  • Minimum Cost Differential


    See Also: Hurdle Rate

  • Minimum Order Quantity

    Minimum quantity that may be ordered on any one purchase order/contract.

  • Minimum Stock Level

    The planned lowest level of stock, below which stock is normally flagged for management attention and expedition of orders.

  • Minimum-Maximum Inventory Levels

    A simplistic inventory system in which a minimum quantity and maximum quantity are set for an item. When the quantity drops below the minimum, an order is placed up to the maximum. This guards against stock outs and prevents the buildup of stock, either of which can be costly to the organization.

  • 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 other Offerors, or does not adversely impact the interests of the contracting party.

  • Minority-Owned Business Enterprise (MBE)

    A business which 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

  • Misrepresentations

    In the context of conditions that may lead to a voidable contract, misrepresentation is when one of the parties to the contract made a wrong statement about some material element of the contract and, in reliance on this statement, the other party entered into the contract.

  • Mission Statement

    A short, memorable statement of the reasons for the existence of an organization that may encompass its core values. (Business, 2000)

  • Mistake (in Bids)

    Minor errors made in the form of bidding; for example, failure to insert a decimal point. Clerical mistakes, apparent on the face of the bid, may be corrected. Once a mistake is suspected, the purchasing officer is required to request verification of the bid.

  • Mistake of Fact

    A misunderstanding of the facts or flawed perception of the real state of affairs, which may be remedied by the ​Court.

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