The phenomenological plural correlations model permits to attribute to the intermediate phases of the mixture VOM bonding types (bindings) which indicate a low energy of the empirically found structures. In the phases various electron subsystems exist which contain lattice‐like spatial correlations, and when the corresponding cells are in energetically low commensurabilities (in harmonies) to the crystal and to one another then the phase becomes stable. A fundamental assumption of a binding analysis is the electron count being here V1,4,8O0,6,2. As a consequence the phases V8O, V16O3, and V7O4 consist of a tetra‐gonally deformed V(B1) partial structure with interstices partly filled by O atoms. The composition of a phase determines the electron concentrations in the subsystems, and these influence the harmony of the correlations in the binding (BFU2 for V16O3, e.g.). In VO, V13O16, V2O3, and V3O5 an essentially complete close packed partial structure of O accepts V into its octahedral interstices. Once more harmonies of electron correlations determine favourable bindings (FF'2 for VO e.g.). The Magnéli phases V4O7 up to V8O15 being shear homeotypes of VO2 · h may be considered as homeodesmic to TiO2 · r, which is stabilized by a CFU2 binding. From the binding it may be concluded how much Hund insertion is present in a phase. Hund insertion is for instance responsible for the transformation VO2 · h → r. The phases V6O13, V4O9 and V3O7 are homeotypic to V2O5. This last phase permits presumably a UHT3 binding. The results of the binding analysis of VOM shed some new light on the interpretation of properties of the VOM phases.