Master Builders Australia (MBA)
An Australian building and construction industry association. Its primary role is to promote the viewpoints and interests of the building and construction industry and to provide services to members in a broad range of areas including training, legal services, industrial relations, building codes and standards, industry economics and international relations.
Material Adverse Effect (MAE)
The effect of an event, act or requirement which has serious consequences or impedes the rights or position of a party under a Contract.
Materials
The physical components and consumables required and used to construct any building or other Works.
Mechanical Completion
Mechanical Completion of all or any part of the Works occurs when the Works have been completed mechanically and structurally and all specified construction tests have been completed. Typically used in projects where additional performance output tests are required to be performed and satisfied subsequently by the contractor.
Mediation
A method of dispute resolution. The parties engage an independent third party mediator to facilitate in reaching a resolution to the dispute. Mediation can take place either before the commencement of Litigation or as part of the Litigation process following the commencement of court proceedings.
Maintenance and Repair Contract
A Contract arranged to cover regular operational maintenance and repairs to a building or plant, including specific systems or items of equipment.
Maintenance Period
The specified period of time, following Practical Completion, in which the parties agree that the Contractor will provide maintenance for the Works. The Contractor's remuneration for maintenance during the Maintenance Period is usually accounted for in the Contract Sum and specified in the Contract.
Manifest error
An error that is plain and indisputable.
Mareva Injunction
An injunction attaching to property which operates to restrict that party from dealing with his/her own property by the court prior to a final determination by the court.
Margin
Generally in business, margin refers to the difference between the cost of an item or providing a service and the price at which that item or service is sold.