21/09/2021
PUBLIC PROCUREMENT!!!
As you venture into Public Procurement Transactions, it is critical that you group basic concepts contained in the PUBLIC PROCUREMENT AND DISPOSAL OF PUBLIC ASSETS ACT, Regulations and guidelines made there under from time to time.
“Procurement” means acquisition by purchase, rental, lease, hire purchase, license, tenancy, franchise, or any other contractual means of any type of works, services, or supplies or any combination.
Contract in this context means an Agreement between a procuring and disposing entity and a provider, resulting from the application of appropriate and approved procurement procedure, concluded in purchase of bid award decision of a contracts' committee or any other appropriate authority.
Consequently, Public Procurement will necessitate offer and acceptance by the respective parties, and the resultant negotiation, if any, leading to the final contract.
Feel free to consult for more information on Public Procurement Law and Practice.
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