Procurement Contract Definition

In business, a procurement contract is a legally binding agreement between two parties in which one party agrees to provide goods or services to the other party. The agreement typically outlines the terms and conditions of the transaction, including the price, delivery date, and quality standards.

A procurement contract can be used for various types of transactions, such as the purchase of raw materials, equipment, or services. The contract can be between two businesses or between a business and an individual.

When drafting a procurement contract, it is important to include all relevant details and to have the agreement reviewed by a lawyer to ensure that it is legally binding.