Bulk Procurement definition
Bulk Procurement means the procurement (international and/or local) of goods and services from commercial entities, (ex. food, non-food items, shelter materials, medicine and construction of buildings) where the value of procurement is above US $ 100,000 per a single budget line of the Project Budget (Annex B).The Budget line referred to here is at account level. Eligible Costs means expenditures for implementing activities as described in Project Description (Annex A) and in accordance with the Project Budget (Annex B) and within the Project Implementation Period. Eligible costs must be for actual costs incurred for authorized activities that are adequately evidenced with original documentation and can be confirmed through verification and audit.
Examples of Bulk Procurement in a sentence
The reviewing team comprising personnel from the Bulk Procurement Management Centre, Finance and Treasury Department, and Legal and Compliance Department of the Company will conduct a comprehensive assessment based on the type of services provided by the insurers submitting the biddings, their quotations and relevant experience by adopting the scoring method to select insurance service provider.