purchasing policy

noun

UK /ˈpɜːtʃɪsɪŋ ˈpɒləsi/

US /ˈpɜːrtʃəsɪŋ ˈpɑːləsi/

A set of rules that tells people how to buy things for a company.

The school follows a purchasing policy that requires three price quotes before buying new computers.

SYNONYMS

buying rules procurement policy acquisition guidelines purchasing guidelines

RELATED WORDS

procurement budget vendor purchase order spending

OTHER MEANINGS

2. A company's official document describing approved suppliers and spending limits.

According to the purchasing policy, only approved vendors may be used for office supplies.

3. Government rules controlling how public money is spent on goods and services.

The city's purchasing policy requires open bidding for contracts over $50,000.

4. An organization's approach to choosing and paying for the materials it needs.

Their purchasing policy favors environmentally friendly products whenever possible.