Contracting and Procurement

Contracting and procurement involve the processes organizations use to identify needs, select suppliers, and formally establish agreements to purchase goods or services. Procurement covers the entire journey from defining required items, sourcing vendors, negotiating terms, and acquiring resources. Contracting specifically focuses on creating legally binding agreements that outline terms, responsibilities, and deliverables between parties. Together, these functions ensure organizations obtain quality products or services efficiently, manage risks, and maintain transparency and compliance with regulations. They are essential for operational success, helping organizations control costs and build reliable partnerships.