procurementpolicy
nounUK /prəˈkjʊəmənt ˈpɒləsi/
US /prəˈkjʊrmənt ˈpɑləsi/
A set of rules that tells people how to buy things for a company or group.
The school follows a procurement policy to make sure it buys supplies fairly.
RELATED WORDS
OTHER MEANINGS
2. A rulebook for how a government buys goods and services.
The city's procurement policy requires open bidding for large contracts.
3. Guidelines that describe how a business chooses and pays its suppliers.
Our procurement policy says we must compare three quotes before ordering.
4. A written plan for getting the materials a project needs.
The manager checked the procurement policy before buying new laptops.