Procurement Contracts Inventory

Procurement

Kinds of Procurement

Essentials of Good Procurement

Procurement Process & Steps

  1. Specify technical specs
  2. Budget for Purchase
  3. Appoint Purchase team
  4. Research potential suppliers
  5. Solicit Bids
  6. Bid evaluation and vendor selection
  7. Issue Purchase Order
  8. Receipt & Inspection of purchase
  9. Invoice approval & payment

Exceptions

Single Sourcing:

Approved Vendor List

Maintaining Audit Trail


Understanding and Interpreting Contracts

Introduction

What is a Contract?

Elements of Contract

Why Do We Need Contracts?

  1. Make promises binding

  2. Function in a capitalist society where buying/selling is routine

Reminder: 

Ignorantia legis neminem excusat” which means “Ignorance of the law excuses no one”.

Essentials of a Valid Contract

Why Written Contracts?

When is a Contract Enforceable?

Key Clauses in Contracts

Practical Tips While Signing Contracts


Inventory Management

Key Forms:

Summary of Inventory Management


Fixed Asset Management

Summary of Fixed Assets Management


Revision #1
Created 25 April 2025 04:45:18 by Pooja
Updated 25 April 2025 04:56:10 by Pooja