Intermediaries and Countertrade in Procurement After an organization decides to source goods from the international market, it needs to determine which supply channel it should use for optimizing time and…

What is Global Sourcing? Global sourcing refers to the process of identifying and engaging suppliers from around the world to procure goods and services. It involves searching for the best…

Legal Aspects of Procurement Purchasing officers or purchasing managers or purchasing executives are commonly referred to as purchase professionals. These purchase professionals assume the role of buyer/agent and buy goods…

Ethics in Procurement The word ‘Ethics’ is derived from a Greek word ‘ethikós’, which means ‘moral’. The Greek word ‘ethikós’ was derived from the root word ‘ethos’. Ethics refer to…

Contract Cancellation in Procurement A buyer may enter into a long-term procurement contract with a supplier as an outcome of the supplier evaluation, selection, and negotiation process. You have studied…

There are two major types of contracts: fixed-price contracts and cost-reimbursement contracts. These two types represent two extremes of risk sharing. In the case of fixed-price contracts, the seller bears…

What is E-Sourcing? E-Sourcing in procurement is the process of using electronic tools and technology to conduct procurement activities such as sourcing, negotiations, and supplier selection. E-Sourcing tools and platforms…

Acquisition of Technology The acquisition of technology refers to the process of identifying, evaluating, selecting, and implementing technology solutions to streamline and automate procurement processes. This includes tools such as…

The purchase of capital equipment and its commissioning involves a number of phases. A cross-functional team consisting of professionals ranging from operations, production, finance, plant engineering and procurement is involved…