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: 81-90 of 118 results for “M”

  • 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.

  • Mistake of Law

    An error, not in the actual facts, but in their legal significance, relevance, or consequence, for which there is no relief from the Courts.

  • Misuse

    Improper or incorrect use of something of value that was intended for another purpose.

  • Mitigation

    The alleviation, reduction, abatement, or diminution of a penalty or punishment imposed by law. (Black's Law Dictionary, 1990)

  • Mixed Economy

    An economy that uses both market signals and government directives to allocate goods and resources. (Schiller, 2000)

  • Mobilization

    The initial effort to perform a construction contract by hiring necessary personnel and moving the required equipment and facilities on to the site of the work. Contracting agencies frequently include a separate bid line item for this effort on certain construction projects to permit the contractor to be paid promptly for this effort. (Nash, Schooner, & O’Brien, 1998)

    See Also: Demobilization