November 15, 2007
Contracts between agreed parties for procurement
Companies that regularly source goods and services usually have established procurement policies. The agreement between the company and the organization is known as the procurement contract. This agreement is the basis for the supply agreement and the payment terms. Both contracted parties know what to expect from each other. Usually the contracts are setup for an agreed period of time. If the contract is for government goods or services, usually the contract is offered for tender when the contract expires
