The official business definition of Contracting Process in Procurement is the process of acquiring goods, services, or works from an external source. It involves the preparation and processing of a contract, which is a legally binding agreement between two or more parties. The contracting process is a critical component of the procurement process, as it sets out the terms and conditions of the procurement, including the cost, quality, and delivery of the goods or services. The contracting process typically involves the following steps: identifying the need, researching potential suppliers, evaluating bids, negotiating terms and conditions, awarding the contract, and monitoring the performance of the contract. The contracting process is essential to ensure that the procurement process is conducted in a fair and transparent manner, and that the best value for money is achieved.