institutional procurement policies

Institutional procurement policies are guidelines that organizations, like schools or government agencies, follow to acquire goods and services. These policies ensure that purchasing is done fairly, transparently, and cost-effectively, often requiring competitive bidding to get the best value. They aim to prevent fraud and favoritism, promote accountability, and encourage the use of sustainable or local products. By following these procedures, institutions can manage their budgets responsibly and ensure that taxpayer money or public funds are used wisely.