Legal Aspects of Procurement

Legal aspects of procurement involve the laws and regulations that govern the process of acquiring goods and services. This includes contract law, which ensures parties fulfill their obligations; procurement regulations that outline fair bidding practices; and compliance with ethical standards to prevent fraud and corruption. Organizations must also consider intellectual property rights, trade agreements, and environmental laws. Understanding these legal principles helps ensure transparency, fairness, and accountability in procurement, ultimately protecting the interests of both buyers and suppliers.