The procurement process is a term that is used by businesses to describe the buying process. The procurement process is also known as the purchase of supplies or services. Procurement is the gaining of commodities by a company, organization, institution or an individual. The procurement process, in general, is the purchasing of goods from suppliers at the lowest cost possible. The procurement process usually begins when the procurer starts to look the market for bidders.
After deciding on who the bidders are, the procurement process continues by requesting bids so that proposals, quotes and information can be made. Once qualified bidders are selected, an evaluation is essential in order to confirm the suitability of the goods in question. The entire procurement process must be completed in compliance with the existing laws in order to prevent any legal complications. The actual procurement process may differ from company to company, but the actual process is generally similar.
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