UNDERSPECIFICATION AND LINGUISTIC INFORMATION In this talk I'll argue that the underspecification phenomenon has important consequences for the general architecture of grammar and for the way we should represent linguistic information. As many people have noted, there are at least two ways in which we can represent such information: a) by means of structures (trees, strings, attribute-value graphs, etc.), or b) by means of theories (sets of closed formulas) talking about such structures. The latter perspective is exemplified by Mark Johnson's first-order formalisation of Lexical-Functional Grammar (LFG), formalisations of features using modal logic (Kracht, Blackburn) and Blackburn & Gardent's rendering of LFG with the help of modal logic. If we choose perspective a), it becomes difficult to represent underspecified linguistic information, since such information by definition will admit more than one structure. However, if we choose perspective b), and view linguistic information in terms of theories, underspecification is no longer a difficulty but something entirely expected: it is an exception rather than the rule if a theory has precisely one minimal model. Theories which have no models (overspecification) or more than one (underspecification) are much more common. In the talk I'll model the linguistic information that is connected with a lexical entry as a theory talking about structures in various linguistic dimensions (word order, dominance, f-structure, semantics,...). I call such theories 'signs'. Signs, except for their part pertaining to semantics, will be couched in a very poor fragment of predicate logic (universal sentences with--essentially--no function symbols except individual constants). Their semantics part will consist of a system of equations in a richer fragment of classical logic. Signs for complex linguistic structures can be obtained by "clicking together" atomic signs with the help of the commutative Lambek Calculus, a variant of the logic underlying Categorial Grammar. The basic requirement on signs is that they be consistent, i.e. have (minimal) models. The system as it is sketched here has obvious connections with LFG and Categorial Grammar, but also with Tree Adjoining Grammars. I'll argue that it has some advantages over these theories and that it is computationally attractive.