Policy on LV and MP
- Regulation Number : 8
- Year : 2022
- Date of Gazette : 01/03/2024
- Classification : General Policy
Introduction
The Low Value & Minor Procurement Forms were developed for use in the public sector following the inability of procurement entities to capture and document procurement transactions of goods, works and technical services of relatively low value. The concept has been particularly useful in the procurement of items of very low value for which even the use of the Standard Tender Document for Price Quotation has proved problematic and cumbersome. This includes purchases made from suppliers and service providers (Micro and Small Enterprises, Artisans, Craftsmen, market women etc) who, for peculiar reasons, are unable to provide formal quotations and other documentation for appropriate record keeping of such transactions by Entities. The categories of procurement typically falling under this category, therefore, include purchase of perishable items like fish and vegetables from the market as well as services provided by artisans and craftsmen.