Exigency
An exigency is defined as a sudden, unforeseen event that requires immediate attention or action. In the context of procurement, an exigency may arise when there is a need for goods or services that cannot be delayed. For example, if a natural disaster strikes and there is a need for emergency supplies, the procurement process may be expedited in order to get the supplies to those who need them as quickly as possible.
Exigencies can also arise due to time-sensitive opportunities. For example, if a company has the opportunity to purchase a new piece of equipment at a significantly reduced price, they may need to act quickly in order to take advantage of the offer. In such cases, procuring the necessary funds and approvals in a timely manner may be critical to successfully completing the transaction.