5 Essential Fundamentals of Procurement

 Procurement is the act by which the purveying of strategic and non-strategic goods and services took place. This purveying is done in favor of the operational activities of any organization. This process takes place according to various factors like quality, quantity, and time at the best possible amount by risk management control.

1.      Transparency

One of the most important principles of Procurement is Transparency. It is an essential obligation of an organization to make sure all the information in relation to public procurement should be available to all the procurement stakeholders. Stakeholder includes suppliers, contractors service providers, and others.

2.      Integrity

Integrity in Procurement goes two ways. First, is the integrity of the procurement process and another one is the integrity of the procurement practitioner. The value of integrity means, the bidders and stakeholders have to doubt the information that is provided to them by procurement identity.

3.      Economy

Another important principle of procurement is the Economy. Here economy has a similar meaning to the value of money. The economy also denotes the fundamental of managing public funds with all due care.
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4.      Openness

Openness is a very essential part of every public procurement. Openness means any organization or an individual who is eligible of participating in a tender, should be free for applying for any tender.

Confidentiality of information related to every organization and individual participating in the tender should also be taken care of. Not only information but the assessment of offers received should be confidential too.

5.      Fairness

Fairness is the last of the 5 basic principles. It simply means that every organization and individual participating in the tender should be treated equally. This also means that every stage of the evaluation of tender and every decision should not be biased toward anybody. So that the genuinely deserving candidate wins the tender.

Above mentioned and discussed are the basic principles of Procurement which includes Competition and accountability too.

If you are looking for any state tender, whether it is of Assam, Kerala water authority, or any other tender. You can rely on Tender247 to provide your assistance with the tender and its operation. Tender247 is India’s Biggest tender platform.
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