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Law

Of or pertaining to the system of rules which a particular country or community recognizes as regulating the actions of its members and which it may enforce by the imposition of penalties.

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Law > Contracts

memorandum of agreement

Law; Contracts

Draft agreement that may establish the scope of association and mutual responsibilities. See also memorandum of understanding.

memorandum of understanding (MOU)

Law; Contracts

A document that expresses mutual accord on an issue between two or more parties. Memoranda of understanding are generally recognized as binding, even if no legal claim could be ...

milestone billing

Law; Contracts

Contact payments scheduled according to completion of specified stages.

missing specifications

Law; Contracts

Situation that allows a vendor to insert own specifications where a buyer fails to supply them as required.

mobilization

Law; Contracts

Activation of a contractor's physical and manpower resources for transfer to a construction site until the completion of the contract.

mobilization base

Law; Contracts

1. Facility or place from where a contractor's resources are mobilized. 2. Total of all resources that are available or can be made available for mobilization.