The Generic Methodology for Verification and Validation (GM-VV) is a generic and comprehensive methodology for the verification and validation (V&V) of M&S assets. The GM-VV is currently prepared for standardization within the Simulation Interoperability Standards Organization (SISO), and is at the same time under consideration by defense directorates of various nations to be incorporated as part of their M&S policies. The GMVV provides a conceptual, implementation and tailoring framework to efficiently develop arguments to justify why M&S assets are acceptable or unacceptable for a specific intended use. This argumentation supports M&S stakeholders in their acceptance decision-making process regarding the development, application and reuse of such M&S assets. The first part of this paper provides an introductory overview of the GM-VV basic principles, concepts, methodology components and their interrelationships. Since GM-VV is generic methodology it needs to be tailored to fit the specific V&V needs of an M&S organization, project or application domain. The second part of the paper focuses on how GM-VV may be tailored for a specific simulation application. This effort is illustrated with some results and lessons learned from several running technology demonstration programs of the Dutch MoD.