Procurement Policy

Last Updated: August 2023

1. Introduction: This Procurement Policy outlines the guidelines and procedures to be followed by TAS Belize Limited (referred to as “the Company”) in the acquisition of goods and services. The policy ensures transparency, fairness, and efficiency in the procurement process.
2. General Principles: The Company is committed to conducting its procurement activities in compliance with all applicable laws and regulations. The following principles will guide the procurement process:
   1. Fair Competition: All procurement processes shall be open to fair competition, allowing qualified suppliers and service providers an equal opportunity to participate.
   2. Transparency: Procurement activities shall be conducted transparently, with clear documentation of all steps and decisions.
   3. Value for Money: The Company seeks to obtain the best value for money in its procurement transactions, considering quality, cost, and timeliness.
   4. Accountability: All procurement decisions and actions shall be made and documented with integrity and accountability.
3. Procurement Process: The procurement process will generally follow these steps:
   1. Identification of Need: The requesting department identifies the need for goods or services and initiates a procurement request.
   2. Budget Approval: The procurement request is reviewed and approved based on budget availability.
   3. Supplier Identification: The Company will identify potential suppliers through research, solicitation, or pre-qualified vendor lists.
   4. Request for Quotation (RFQ): For goods and services, an RFQ will be sent to selected suppliers, specifying the required scope, quality, quantity, and delivery terms.
   5. Evaluation: The received quotations will be evaluated based on predetermined criteria, considering technical specifications, cost, and other relevant factors.
   6. Client Deposit: As part of the procurement process, the client is required to pay a deposit of 75% of the total estimated cost before the order is processed.
   7. Order Placement: Upon completion of the evaluation, the selected supplier will be issued a purchase order or contract.
   8. Delivery and Acceptance: Goods and services will be delivered according to agreed-upon terms, and the receiving department will verify the quality and quantity.
   9. Payment: The remaining 25% of the total cost will be paid to the supplier upon satisfactory delivery and acceptance of the goods or services.
4. Documentation and Record Keeping: All procurement transactions will be documented and maintained for audit and transparency purposes. Records will include RFQs, quotations, purchase orders, contracts, delivery receipts, acceptance certificates, and payment documentation.
5. Compliance: All employees involved in the procurement process must adhere to this policy and its procedures. Non-compliance may result in appropriate disciplinary action.
6. Policy Review This Procurement Policy will be reviewed periodically to ensure its effectiveness and alignment with changing business needs and regulatory requirements.

This policy is effective from August 15th, 2023, and supersedes any prior procurement policies.