Jurisdiction(s):
United Kingdom

Key definition

Procurement definition

What does Procurement mean? Procurement describes how organisations plan, source, tender for and contract for works, goods and services, including appointing contractors, consultants and suppliers on construction projects. In practice it spans private purchasing and public procurement subject to statutory rules. In England, Wales and Northern Ireland, public procurement is governed by the Procurement Act 2023 (which replaces the Public Contracts Regulations 2015), alongside sector-specific regimes (including utilities, concessions and defence/security) and guidance. Scotland applies the Public Contracts (Scotland) Regulations 2015 and the Procurement Reform (Scotland) Act 2014. In Ireland, EU-derived regulations apply (for example S.I. No. 284/2016, S.I. No. 286/2016 and S.I. No. 203/2017)....

Internal Procurement Policy Template: Governance, Procedures, Thresholds, Authorisation, Supplier Selection, Purchase Orders, Credit Cards, Ethics and Record-keeping

Published by a LexisNexis Risk & Compliance expert

Precedents

We conduct our operations with honesty. Purchasing Goods and services accounts for a substantial share of [ insert organisation’s name ]’s overall spend. We all must collaborate to make sure our buying is performed in a responsible and efficient way.

1 Introduction

1.1 [ Insert organisation’s name ] strives for excellence across every area of its activities. Effective Procurement (buying) is acknowledged by [ insert organisation’s name ]’s executive team as a key driver in delivering [ insert organisation’s name ]’s corporate goals and success.
1.2 This policy outlines the procedures to ensure [ insert organisation’s name ]’s procurement (buying) practices are fair and comply with all relevant laws and regulations, while securing Best value for money and lowering operating Costs.
1.3 All employees must adhere to these procedures.
1.4 All monetary figures are expressed net of VAT.
1.5 All procurement documents can be obtained from [ insert, eg the procurement or legal department ].

...

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Web page updated on 22/05/2026

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