The Company Purchasing Process is a formal procedure designed to ensure that goods and services are procured in an efficient, cost-effective manner. The process begins by determining which products or services are needed and soliciting bids from qualified vendors. Once the bids are received, each one is evaluated against established criteria before selecting a vendor. After selection, the purchasing team negotiates pricing, payment terms, delivery requirements and any other relevant details. Upon completion of negotiations, a purchase order is issued to the designated vendor and any necessary follow-up activities take place to ensure prompt delivery and satisfactory performance.