Regulated Procurement
The term “regulated procurement” refers to a type of government contracting in which the contracting process is subject to specific regulations. These regulations may be imposed by the federal government, state governments, or local governments.
Regulated procurement typically occurs when the goods or services being procured are considered to be essential to the health, safety, or welfare of the public. Examples of regulated procurements include contracts for medical supplies and services, construction projects, and contracts for the operation of public utilities.
In regulated procurements, the government imposes restrictions on who can bid on the contract and how the bidding process is conducted. The purpose of these restrictions is to ensure that only qualified bidders have the opportunity to compete for the contract and that the bidding process is fair and transparent.
The rules governing regulated procurements are often complex, and they can vary depending on the level of government involved. As a result, businesses that wish to participate in regulated procurements must be familiar with all applicable laws and regulations.