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Procurement Policy

  1. 1. Introduction

This procurement policy outlines the principles, procedures, and guidelines for the acquisition of goods, services, and works by G3 Biz Limited. It aims to ensure efficient, economical, and transparent procurement practices that support the company’s strategic objectives.

 

  1. 2. Scope

This policy applies to all procurement activities undertaken by G3 Biz Limited, including but not limited to the purchase of heavy-duty trucks, spare parts, mechanical services, office utilities, and administrative utilities.

 

  1. 3. Procurement Objectives
  • – To procure goods and services of the highest quality at the most competitive prices.
  • – To ensure timely delivery of goods and services to meet operational requirements.
  • – To build and maintain strong relationships with reliable and ethical suppliers.
  • – To comply with all applicable laws, regulations, and industry standards.
  • – To minimize procurement risks and maximize value for the company.

 

  1. 4. Procurement Principles
  • – Integrity and Transparency: All procurement activities shall be conducted with honesty, integrity, and transparency.
  • – Fairness and Impartiality: All suppliers will be treated fairly and impartially.
  • – Competition: Competitive bidding will be encouraged whenever feasible to achieve the best value for money.
  • – Value for Money: Procurement decisions will be based on a comprehensive evaluation of cost, quality, and performance.
  • – Sustainability: G3 Biz will consider environmental and social impacts in its procurement decisions.

 

  1. 5. Supplier Selection and Management
  • – Supplier Registration: All potential suppliers must register with G3 Biz to be considered for business.
  • – Supplier Evaluation: Suppliers will be evaluated based on criteria such as financial stability, quality, delivery performance, and ethical practices.
  • – Supplier Performance: Supplier performance will be monitored through regular evaluations and feedback.
  • – Supplier Relationship Management: G3 Biz will foster long-term relationships with key suppliers based on mutual trust and cooperation.

 

  1. 6. Procurement Process
  • – Requisition: Departments will submit purchase requisitions for required goods and services to their line mangers.
  • – Purchase Order: A purchase order will be issued to the approved supplier upon authorization following guidelines put in place by the Accounts department.
  • – Delivery and Acceptance: Goods and services will be inspected upon delivery to ensure compliance with specifications by line managers and confirmed in the procurement department (Human resource).
  • – Payment: Payments will be made in accordance with the terms and conditions of the purchase order.
  • – Competitive Bidding: For purchases exceeding one hundred thousand (100,000) FCFA, G3 Biz will solicit price quotations from at least three (3) qualified suppliers. The procurement department will evaluate these quotations based on price, quality, delivery terms, and supplier performance.
  • – Payment Terms: All payments made by G3 Biz will be processed through cheque when they exceed 100,000frs CFA. Suppliers must provide their complete bank details, including account number, bank name, and branch, for the processing of payments.
  • – Supplier Documentation: Suppliers must submit a valid tax payer identification number (TPIN) as proof of tax compliance. This document will be verified before the establishment of a business relationship.

 

  1. 7. Inventory Management
  • – G3 Biz will maintain optimal inventory levels to balance supply and demand.
  • – Inventory will be regularly reviewed and adjusted to minimize carrying costs and stockouts.
  • – Inventory control systems will be implemented to track and monitor inventory levels.

 

  1. 8. Contract Management
  • – Contracts will be drafted clearly and comprehensively, outlining the terms and conditions of the agreement.
  • – Contract performance will be monitored to ensure compliance.
  • – Contract amendments will be made in writing and approved by authorized personnel.

 

  1. 9. Cost Management
  • – Cost analysis will be conducted to identify cost-saving opportunities.
  • – Price comparisons will be made to ensure competitive pricing.
  • – Volume discounts and other cost-saving measures will be explored.

 

  1. 10. Risk Management
  • – Potential procurement risks will be identified and assessed.
  • – Risk mitigation strategies will be developed and implemented.
  • – Insurance coverage will be considered for significant procurement risks.

 

  1. 11. Compliance
  • – G3 Biz will comply with all applicable laws, regulations, and industry standards.
  • – Regular compliance audits will be conducted.

 

  1. 12. Ethical Sourcing
  • – G3 Biz will promote ethical and sustainable procurement practices.
  • – Suppliers will be expected to adhere to G3 Biz’s code of conduct.

 

  1. 13. Procurement Organization
  • – Department in charge of procurement is the department for human resource and administration overseen by the depot manager.
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This procurement policy serves as a framework for G3 Biz’s procurement activities. It may be amended from time to time to reflect changes in business needs and legal requirements.

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