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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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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
Contract Authoring refers to the process of creating, drafting, and preparing contracts for agreement and execution. It involves outlining terms,
Contract Review is the structured analysis and evaluation of contract terms to ensure compliance, mitigate risks, and align with organizational
A Bid Response is a formal reply by a supplier or vendor to a Request for Proposal (RFP) issued by
