For the most part, this requirement will be reflected in the University's own purchasing and contracting policy and procedural standards. University purchasers should be mindful, however, that there might be specific legislative requirements impacting on their particular purchasing activities. For instance, when acquiring furniture and fittings, staff should observe occupational health and safety requirements, in particular those relating to ergonomic needs. Value for Money Value for money is the essential test against which purchasing outcomes must be justified. It is not a criterion in itself, but it is the basis for comparing alternative offers to identify the one that meets needs of the University in the most cost-effective manner when all costs and benefits are taken into account.
Risk Management Managing risk is fundamental to good purchasing and contracting.
The University adopts a systematic approach to identifying, analysing, evaluating, treating and monitoring purchasing and contracting risks. Its policy is to share risks, assigning responsibility for each particular risk to the party best able to manage it. The University seeks to establish arrangements with its suppliers that are mutually beneficial, founded on trust and cooperation, and result in the achievement of value for money. Pro-active management and periodic measurement of performance is essential to ensure that an arrangement is meeting these objectives and that commitments made by both parties are being honoured. Training The University is committed to ensuring that those involved in purchasing and contracting have the knowledge, competencies and skills necessary to perform their duties competently and to be able to deal fairly and ethically with suppliers.