UCC (Uniform Commercial Code)
The Uniform Commercial Code (UCC) is a set of laws governing commercial and business transactions in the United States. It is an incredibly comprehensive code which covers everything from contracts to sales to financing arrangements. In the context of procurement, the UCC describes the various legal processes, responsibilities, and regulations that govern the sale and purchase of goods between businesses. Specifically, it outlines the rights of buyers and sellers, regulates how disputes are managed and establishes standard forms for documents such as bills of sale and invoices. By adhering to the UCC, businesses can ensure their transactions are legally sound and protected.
