PURCHASING POLICY

OVERVIEW

This policy sets the framework for the entire procurement process within our Company, ensuring Company’s commitment to maintaining ethical and fair relationship with the vendors. It encourages competitive bidding whenever possible to obtain best value for money.

1. PURPOSE
   1. The purpose of this policy is to establish clear guidelines and procedures for employees engaged in the purchasing process for the acquisition of goods and services by our Company. This policy aims at maintaining transparency, efficiency and a productive workplace for every working individual in our company.
2. SCOPE
   1. This policy applies to all employees involved in the purchasing process including full-time, part-time, temporary, at all levels within the Company. This policy covers all activities related to the acquisition of goods and services, including the request, evaluation, selection of reliable vendors, approval of purchase order and inspection. It applies to a wide range of procurement activities, from small purchases to significant acquisitions.
3. PROCUREMENT PROCESS
   1. We are dedicated at maintaining the highest levels of integrity, transparency and fairness in all our business dealings.
      1. Request and Specification: Requestors should submit purchase requests with detailed specifications to the designated procurement officer.
      2. Vendor Selection: The procurement officer will identify and evaluate potential vendors and seek competitive bids or quotes when applicable.
      3. Approval: Purchases must be approved by the authorized personnel before proceeding.
      4. Purchase Order: A purchase order will be issued to the selected vendor, outlining the terms and conditions of the purchase. Our Company will seek competitive bids from multiple vendors to ensure the best value for money
      5. Receipt and Inspection: Upon receipt, goods and services will be inspected to ensure they meet the specified requirements and quality standards. All procurement documents, including purchase orders, invoices, and vendor contracts, must be properly recorded and retained for a specified period in compliance with relevant laws and regulations.
4. DISCIPLINARY ACTIONS
   1. Employees may face disciplinary action depending on how they violated this policy. Breaching our non-compete and confidentiality agreements results in immediate termination. We may also take legal action if you disclose sensitive and confidential information about our employees, clients or business.
   2. Vendors must adhere to the Company’s ethical standards, and any violations may result in the Termination of the Vendor Relationship.
5. CONFIDENTIALITY, INFORMATION SECURITY, PROPRIETARY INFORMATION AND INTELLECTUAL PROPERTY
   1. We are committed to Company information confidentiality, integrity and accessibility, we implement proper technical security measures and it is our staff’s obligation to uphold this. Proprietary information includes all non-public information that might be harmful to the company or its customers, business partners if disclosed to unauthorized parties. All staff must handle any such information as secret. It also covers that, no one is entitled to trade with securities while in possession of non-public information or deliver non-public information to others that could have an impact on the securities. Every rule ensuring information security must be followed all the time.
6. COMPLIANCE
   1. Compliance with this policy and applicable laws should be regularly monitored and audited to identify and address any potential gaps or non-compliance.
   2. Any identified breaches or non-compliance should be promptly investigated and appropriate corrective actions should be taken.
7. CHANGES TO THE POLICY
   1. We reserve the right to update and make changes to this policy from time to time based on the working conditions of the Company. The Company on updating this policy will inform the members of the Company.
8. FURTHER INFORMATION
   1. For any queries or further Information regarding our Company or about this Policy, the concerned person can contact us through email [INSERT EMAIL ADDRESS OF THE COMPANY]
9. ACKNOWLEDGEMENT
   1. We expect all employees to adhere to this policy of the Company. The Company will apply this policy consistently and fairly to ensure a harmonious and productive workplace for all.
   2. By signing below, you acknowledge that you have carefully read and understood the terms and contents of this policy.
   3. You acknowledge that you will follow the set guidelines of this policy as well as of the Company and failure to do so; the Company can take Disciplinary action against such person.

COMPANY                  

Authorized Signature

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[INSERT NAME OF THE COMPANY/SIGNING AUTHORITY]