Procurement risk definition

Procurement risk means assumption of all risks of potential loss or damages to a product in the process of providing the product until the delivery to the customer, especially the risk for the fulfilment of de- mands, supply and performance risks and the risk during transportation as well as storage risks etc.
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Examples of Procurement risk in a sentence

  • Procurement risk management remains the responsibility of the procuring department who manage risk within a departmentally agreed framework.

Related to Procurement risk

  • Procurement means the purchasing, buying, renting, leasing, or otherwise obtaining of any supplies, services, or construction. It includes all functions that pertain to the procurement of any supply, service, or construction item, including description of requirements, selection and solicitation of sources, preparation and award of contract, and all phases of contract administration;

  • Low risk means normal, uncomplicated prenatal course as determined by adequate prenatal care and prospects for a normal, uncomplicated birth as defined by reasonable and generally accepted criteria of maternal and fetal health.

  • Sustainability Risk means an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment.

  • Procurement item means an item of personal property, a technology, a service, or a construction project.

  • Procurement Plan means the Recipient’s procurement plan for the Project, dated April 2, 2010, and referred to in paragraph 1.16 of the Procurement Guidelines and paragraph 1.24 of the Consultant Guidelines, as the same shall be updated from time to time in accordance with the provisions of said paragraphs.