Fair and Open Competition – The Company promotes fair and open competition and aims at developing and securing long-term relationships with suppliers and contractors.
6.2 Procurement and Tendering Procedures – The hire of services or the purchase of goods will be based solely upon price, quality and need. Procurement or tender exercise will be based on the following principles:
6.2.1 impartial selection of capable and responsible suppliers and contractors;
6.2.2 selection of appropriate contract types according to needs;
6.2.3 compliance with laws, relevant regulations and contractual obligations; and
6.2.4 adoption of an effective monitoring system and management controls to detect and prevent bribery, fraud or other malpractice.
6.3 Payment Procedures – The Company undertakes to pay its suppliers and contractors according to agreed terms of trade.