Procurement is the overall process of acquiring goods, civil works and services which includes all functions from the identification of needs, selection and solicitation of sources, preparation and award of contract, and all phases of contract administration through the end of a services’ contract or the useful life of an asset.
As per UNDP’s Financial Regulations and Rules, the following general principles must be given due consideration while executing procurement on behalf of the organization.
- Best value for money.
- Fairness, integrity, transparency
- Effective international competition.
- Interest of UNDP (economy and efficiency, equal opportunity to compete, and transparency in the procurement process.