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: 111-118 of 118 results for “M”

  • MSDS


    See Also: Material Safety Data Sheets (MSDS)

  • Multi-Step Bidding

    A method of source selection involving two competitive steps, combining the elements of both Invitation for ​Bids and ​Request for ​Proposals. The first step may require the submission of technical and price proposals with only the technical proposals being evaluated and scored. The second step involves the opening of price proposals of those firms who have achieved the highest technical scores.

  • Multi-Year Contract

    A procurement contract that extends for longer than one year.

  • Multinational Corporation

    A corporation that operates on a worldwide or global scale, without significant ties to any one nation or region. (Business, 2000)

  • Multiple Award

    Contracts awarded to more than one supplier for comparable supplies and services. Awards are made for the same generic types of items at various prices. Usually the result of aggregated line item bids of similar product categories.

  • Mutual Assent

    In contracts, the agreement of each party to all the terms and conditions in the same context and with the same meaning.

  • Mutuality of Obligation

    One of the elements of a contract. Both parties to an agreement are obligated or none of the parties is obligated. Both parties must supply consideration to the other party. It is a sub-element of consideration. There may be more than two parties obligated in an agreement.

  • MWBE

    Minority and Woman’s Business Enterprises.

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