Governance
Procurement policy
Formal definition
Procurement policy is a policy in governance focused on managing outbound spend and inbound service contracts through formal sourcing, selection, and performance monitoring.
What this actually means for you
Trustees and governance leads should treat Procurement policy as an operating standard: conduct due diligence on new suppliers, track contract milestones, and review service levels before renewal, then review it before board and committee decisions.
Example: In a live quarterly cycle, Procurement policy is applied like this: the operations lead reviews supplier performance against the SLA before approving the final contract payment. The team then records the decision trail in policy packs, approval logs, and team guidance.
Related guides and whitepapers
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