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Procurement is the process of locating and agreeing to terms and purchasing goods, services, or other works from an external source, often with the use of a tendering or competitive bidding process. [1] The term may also refer to a contractual obligation to "procure", i.e. to "ensure" that something is done.
A Contracting Officer (often abbreviated as KO in the US Army [1] or CO in the US Air Force [2]) is a person who can bind the Federal Government of the United States to a contract which is greater in value than the federal micro-purchase threshold ($10,000 for supplies, in most circumstances). [3]
Download as PDF; Printable version; In other projects ... PROCUREMENT AND CONTRACTING REQUIREMENTS GROUP: Division 00 — Procurement and Contracting Requirements;
FAR Part 14 details the requirements for conducting a "sealed bid" tender, where federal requirements can be stated "clearly, accurately, and completely" and price is the only determinant of contract awardee. [25] Under this part, Unnecessarily restrictive specifications or requirements that might unduly limit the number of bidders are prohibited.
The degree of competition required under FAR Part 6, Competition Requirements (i.e., full and open competition, full and open competition after exclusion of sources, or "other than full and open competition", also called "sole-source procurement") Publication requirements for the acquisition (FAR Part 5, Publicizing Contract Actions)
Government procurement regulations normally cover all public works, services and supply contracts entered into by a public authority.However, there may be exceptions. These most notably cover military acquisitions, which account for large parts of government expenditure, and low value procurement
Purchasing agents typically attempt to decrease costs while meeting the buyer's other requirements such as an on-time delivery, compliance to the commercial terms and conditions (including the warranty, the transfer of risk, assignment, auditing rights, confidentiality, remedies, etc.).
The EPC contractor coordinates all design, procurement and construction work and ensures that the whole project is completed as required and in time. They may or may not undertake actual site work. EPC companies are often used in large-scale projects, such as power plants, refineries, chemical processing facilities, infrastructure projects, and ...
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