Principles Of Procurement

The principles of procurement are a set of guidelines that govern the way in which procuring entities (i.e. organizations that purchase goods and services) conduct their business. The principles are designed to ensure that procurements are fair, transparent, and efficient.

There are four main principles of procurement:

1. Value for money: Procuring entities should always strive to get the best value for money when making purchases. This means considering factors such as quality, price, and delivery time when making decisions.

2. Equal treatment of potential suppliers: All potential suppliers should be treated equally and given the same opportunity to bid for contracts. This helps to ensure that the best supplier is selected for each procurement.

3. Transparency: The process of procurement should be open and transparent at all stages. This includes publishing information about tenders (i.e. invitations to bid on contracts), awarding contracts, and reporting on results.

4. Accountability: Procuring entities must be accountable for their actions and decisions related to procurement. This includes being able to justify why particular suppliers were selected, as well as ensuring that all procedures were followed correctly.