Procurement Policy

Procurement policy refers to the rules and guidelines that organizations follow when acquiring goods and services. This includes how to select suppliers, negotiate contracts, and manage purchases efficiently. The aim is to ensure transparency, fairness, and value for money while adhering to legal and regulatory requirements. A good procurement policy helps organizations avoid waste, reduce costs, and foster good relationships with vendors. It also promotes ethical practices, such as preventing fraud and discrimination in the purchasing process. In essence, it provides a structured approach to buying what the organization needs to function effectively.