Law: Punjab Procurement Regulatory Authority Act, 2009

Section: 4

(a) Punjab Procurement Regulatory Authority Act (VIII of 2009)--- ----Preamble---Punjab Procurement Rules, 2014, R. 4---Procurement law regime---Concept, philosophy and legal anthropology of procurement law regime stated. Historically people and businesses have always had to purchase goods, material and labour to complete projects. Concept of procurement had always been in existence but mostly developed due to the strict requirements of the international financial institutions and international donor agencies. Most international financial institutions required a transparent, competitive bidding process as a condition of financing for major infrastructure projects. Formalized acquisition of goods and services had its roots in Military logistics, where the ancient practice of foraging and looting was taken up by professional quarter masters, a term which dates from the 17th Century. Procurement was primarily the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. However, the procurement was used to ensure the buyer received goods, services, or works at the best possible price when aspects such as quality, quantity, time, and location were compared. The corporations and the public bodies often defined processes intended to promote fair and open competition for their business while minimizing risks such as exposure to fraud and collusion. Hence, the bidding was the most important element of procurement. It was an offer (often competitive) to set a price tag by an individual or business for a product or service or a demand that something be done. Moreover, the bidding was used to determine the cost or value of something which could be performed by a person under influence of a product or service based on the context of the situation. Book by Charles Babbage in 1832 titled 'On the Economy of Machinery and Manufactures' ref. Government or public procurement was the formal process through which official government agencies obtained the necessary goods, services and work to carry out government activities. Every Government across the globe needed some material,…

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