Procurement Policy

Procurement Policy

Purpose: The purpose of this Procurement Policy is to establish guidelines for the acquisition of goods and services in a transparent, efficient, and cost-effective manner, ensuring compliance with legal and regulatory requirements while promoting fair competition and ethical practices.

Scope: This policy applies to all employees involved in the procurement of goods and services for Maviga Advisors Inc. 

Policy Statements:

Compliance:

All procurement activities must comply with applicable laws, regulations, and organizational policies.

Authority:
Designated individuals are authorized to make procurement decisions and commitments on behalf of the organization. Unauthorized purchases may result in disciplinary action.

Competitive Bidding:
Purchases exceeding [insert dollar threshold] require a competitive bidding process to ensure value for money. Multiple quotes should be obtained whenever possible.

Sustainability:
Procurement decisions should consider environmental sustainability and social responsibility, prioritizing vendors with sustainable practices and products.

Conflict of Interest:
Employees must avoid any conflicts of interest in procurement activities and disclose any potential conflicts to their supervisor.

Record Keeping:
All procurement transactions must be documented and retained for a minimum of [insert duration] to ensure accountability and facilitate audits.

Payment and Invoicing:
Invoices must be verified against purchase orders before payment. Any discrepancies must be resolved prior to processing payments.

Training:
All employees involved in procurement are required to undergo training on this policy and best practices to ensure compliance and efficiency.

Review and Amendments:

This policy will be reviewed annually and amended as necessary to reflect changes in regulations, best practices, or organizational needs.

Approval: This policy has been approved by Maviga Advisors Inc. as of October 2024.