Delegations of financial authority involve a hierarchy of financial thresholds that empower officers at different grades within an organisation to commit expenditure and incur liabilities or debts on behalf of the organisation. In some organisations expenditure authority – the ability to spend from an approved budget – is separated from commitment authority – the ability to commit the organisation to enter into contracts. This disempowers non-procurement staff from entering into contracts and circumventing the procurement process. See also Governance.
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With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.
