Contracts

Contracts

Contracts of all sorts.

Industry: Law; Real estate

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Contracts

Maintenance contract

Law; Contracts

Fixed fee service provided by a contractor for periodic maintenance of a buildings or equipment.

Multi-step competitive bidding

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 pricing is offered ...

Most favoured 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.

Mutuality of contract

Law; Contracts

The expectation that the standards and agreements within a contract made between two parties is either upheld or rejected by both parties. One party cannot expect to have different rules or standards ...

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 it. See also ...

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.