Public procurement is the organized process of acquiring goods, works and services by public sector organizations, usually through contracts. Public procurement legal and regulatory framework (also called the procurement rules) in a country includes the constitution of the country, national procurement policies/laws, regulations, organizational procurement policies and the standard bidding documents.
What is Procurement Legal and Regulatory Framework?
Procurement legal and regulatory framework refers to the policies, laws, guidelines or regulations that govern procurement in an organization. Every organization (public sector, private sector or third sector entities) have some rules governing the acquisition of goods, works and services to ensure fulfillment of its goals. When we speak of public procurement legal and regulatory framework, we mean the set of laws, regulations, and policies that govern the implementation of the procedures and processes necessary to acquire goods, works and services of public sector organizations.