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Any public sector procurement process requires a mission and related objectives that should be recognised by all contracting authorities operating within the public procurement system of the Republic. The existence of mission and clearly defined targets relates to achieving value for money in public expenditure which is based around a number of key guiding principles.

Depending on the complexity of a requirement, considerable input in terms of lead time and expertise is required by contracting authorities to procure public contracts which requires a structured process that covers

Defining what is to be purchased,
the most promising sources for deliverables identified,
the appropriate and correct procurement procedure has to be determined,
the clauses and terms of the tender documents and the contract have to be drafted
competitive bidding has to be arranged,
the evaluation of bids has to be organised, 
the recommendation for the award of contract taking into account all the advantages and the risks has to be prepared,  and
All details need to be documented in an audit-proof way. 

This section details the mission of public procurement and relates this to the practical requirement of contracting authorities to achieve best value for money. This section considers a number of key questions, including:

What is the mission of public procurement?
What are the objectives of public procurement?
What is meant by Value for Money?
What is Best Value for Money?
How is Value for Money Achieved? – The Whole Life Cost

© 2007 Republic of Cyprus, Treasury of the Republic, Public Procurement Directorate
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