The objective of this Procurement Policy is to ensure that ACCOUNT_JOB_COMPANY (the “Company”):
1. The following principles should be adhered to in the procurement of materials and services :
(a) Fair Competition
The Company should treat all bidders with fairness and ensure that they are given the same level of information when preparing quotations or tenders.
(b) Conflict of Interest
Situations of conflict of interest with the business of the Company should be declared to the Company in accordance with the code of conduct of the Company.
(c) Cost-effectiveness
Quotations and tenders should be evaluated not only on competitiveness in pricing but also factors such as the quality of the products/services and track records of the bidders.
(d) Transparency
To ensure transparency, tender documents should provide all the necessary information to facilitate submission of appropriate and competitive tenders.
(e) Accountability
The Company shall be held accountable to the local authority and the public for any procurement involving the use of public fund.
2. The following types of procedures should be adopted according to the amounts and nature of the procurement of goods or services:
(a) Open Tendering (applicable to procurements of value exceeding CURRENCYMINIMUM
Notice of tender invitations should be advertised in the press for free response by all interested suppliers or contractors.
........................................