UTC (Coordinated Universal Time)

Coordinated Universal Time (UTC) is the international standard for timekeeping. It is based on a 24-hour clock and is used as the official basis for performing governmental, legal, medical, financial, and other transactions worldwide. UTC ensures that all activities are conducted using an accurate, consistent, and reliable measure of time. In procurement, UTC serves as the benchmark by which suppliers must adhere to in order to guarantee their products or services are delivered in a timely fashion.