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Ethical procurement refers to the practice of sourcing goods and services in a responsible and transparent manner, ensuring that social, environmental, and legal standards are met. This approach emphasizes fair labor practices, sustainability, and the ethical treatment of suppliers and workers. Ethical procurement encourages organizations to prioritize suppliers who uphold high standards of integrity, respect human rights, and minimize their environmental impact. In supply chain management, adopting ethical procurement practices helps mitigate risks, enhance corporate reputation, and ensure compliance with regulations. It also contributes to long-term business success by fostering sustainable, fair, and transparent supply chain relationships.
Master the UK Procurement Act 2023: Ensure Compliance & Drive Procurement Excellence
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Supplier Collaboration is the systematic, relationship-driven approach to working with suppliers to improve performance, strengthen operational continuity, drive innovation, and
Supplier Compliance is the discipline of ensuring that every supplier engaged by an organization consistently meets internal policies, regulatory requirements,
A Non-Disclosure Agreement (NDA) is a legally binding confidentiality contract between an organization and a supplier, ensuring sensitive information exchanged
A Consolidated Invoice is a single invoice document that aggregates multiple individual transactions or services provided over a certain period,
A Compliance Scorecard is a structured tool used within procurement processes to evaluate and ensure that all sourcing activities adhere
A contract addendum is a formal document that modifies or adds terms to an existing contract without altering its original
