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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

modification order

Law; Contracts

This is an alternative term for change order.

modular bill of materials

Law; Contracts

That indicates what options (and their variations) are available for each listed item (material).

most favored customer

Law; Contracts

Price protection clause in a supply contract under which the seller cannot offer a lower price to other customers without offering the same price to the contracting customer.

multi-step competitive bidding

Law; Contracts

A phased procurement process in which un-priced technical proposals are offered from a variety of prospective bidders for a specific job or proposed contract. This is done before ...

multilateral agreement

Law; Contracts

Accord among three or more parties, agencies, or national governments. Such agreement between two such parties is called bilateral agreement.

multiple award

Law; Contracts

Award of separate (partial) contracts to two or more bidders for the same item, where the award of a single contract would be impractical or impossible.

mutual mistake

Law; Contracts

Situation where all parties to a contract misunderstand one another. Superficial mutual mistakes have no effect on the validity of a contract, but fundamental mutual mistakes void ...