Sourcing and Procurement 
Glossary

Mini-competition

A limited tender exercise, usually only on price, under the rules set out in a framework agreement; only suppliers appointed to the framework are able to take part

Minutes

A written record of a meeting, stating when it took place, who was present, what was discussed and what actions have been agreed

Mitigation/mitigating action

An action that reduces the severity of an outcome

Mobilisation

When a contract shifts from one supplier to another

Modern-day slavery

The act of forcing people to work in poor conditions for little or no money

Monopsony

A market with only one buyer

Minimum order quantity (MOQ)

The smallest amount of a product a buyer can order from the supplier

Mission statement

Short statement setting out an organisation’s purpose

Mixed loads

This is where a vehicle contains more than one type of product

Mode

The type of average that indicates the most frequent instance of a number or happening.

Monopoly

A situation in a market where one organization controls the supply of goods or services and new entrants find it difficult to enter the market

Moonlighting

Paid work from a second job that is done without a main employer’s consent