Procurement procedures are the official business processes that organizations use to acquire goods and services from external sources. They are designed to ensure that organizations obtain the best value for their money, while adhering to all applicable laws and regulations. Procurement procedures involve the identification of potential suppliers, the negotiation of terms and conditions, the evaluation of bids, and the awarding of contracts. The goal of these procedures is to ensure that the organization obtains the best possible value for its money, while also protecting its interests. Additionally, procurement procedures are designed to ensure that all transactions are conducted in a fair and transparent manner. By following established procurement procedures, organizations can ensure that their purchases are conducted in a responsible and ethical manner.
