The procurement principles encompass:
- Strict compliance to the legal and regulatory framework when effecting procurement;
- Achievement of economy and efficiency in the delivery of service;
- Promotion of value for money through effective competition and careful procurement planning;
- Balancing between the level of control necessary to mitigate against risk of loss and the size of transaction costs as it pertains to both direct costs as well as administrative burden and delay;
- Separation of authority between procurement initiation, vendor selection, commitment, and receipt inspection and acceptance of procurement object.
- Promotion of sound Public Finance Management through the appropriate recognition and management of the linkages of procurement to other areas of Public Finance Management such as budget preparation, budget execution, finance, accounts and audit.
- Ensuring fairness and equity, and avoiding discrimination in the invitation, evaluation and award of procurement contracts.
- Observance of ethics in all aspects of procurement and ensuring procurement practice is devoid of actual or perceived corruption;
- Promotion of transparency and accountability in the whole Procurement and Disposal Process
- Promotion of health and safety standards, as well as environmental protection;
- Strict adherence to the use of appropriate documentation for all the steps of the complete procurement and disposal cycles, and maintaining a comprehensive record of procurement transactions.
These procurement principles should be used to guide decisions pertaining to procurement practice. Where the Public Procurement and Disposal Act 2015 and Public Procurement and Disposal Regulations 2006 or this Manual does not provide specific guidance and discretion or judgment to be employed, these principles should guide the discussions and decisions.