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UCC
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UL
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Ultra Vires Action
An action that is beyond the
powers granted by authority or by law.
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UMA
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Unallowable Cost
Expense incurred by the
contractor that does not meet the authorized
criteria under the contract terms.
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Unbalanced Bid
A bid that contains pricing
aberrations. This may happen in time and
material contracts or in construction contracts
in which upfront payment may be made for
mobilization. Unbalanced bids may be
deemed to be non-responsive and may be
both mathematically and materially
unbalanced. Many public entities use a bid
analysis procedure to help identify
unbalanced bids. (Martin and Miller 2006)
See also: Front-End Loading.
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Unbundling
Dividing a service into smaller
portions to encourage competition. Frequently
done on the basis of geography. For example,
a large service area, such as a city or county,
is divided into smaller geographical regions.
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Unconscionability
A defense that may be used
against enforcement of a contract or a part of
a contract on the grounds that it is oppressive
or unfair to one party.
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Undercapitalization
A financial situation that
occurs when a business does not have
adequate capital to meet its normal business
expenses and pay its creditors.
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Underwrite
The acceptance of liability for a third
party to guarantee payment in the event of
loss or damage, for a fee.
