1. Authorised Personnel:
Only authorised personnel designated by the Procurement Manager are allowed to make purchases on behalf of Ubonex. The Procurement Manager is responsible for overseeing and approving all procurement activities.

2. Vendor Selection:

Vendors must be selected based on a competitive bidding process whenever possible, to ensure transparency and obtain the best value for Ubonex. The selection process should consider factors such as price, quality, delivery time, vendor reputation, and compliance with ethical and environmental standards.

3. Budget Approval:

All purchases must be pre-approved by the relevant department manager and adhere to the allocated budget for the specific project or department. Any deviations from the approved budget require justification and additional approval.

4. Purchase Requisition:

All purchases must be initiated through a formal purchase requisition process. The requisition must include details such as the description of the items or services required, quantity, budget allocation, and justification for the purchase.

5. Purchase Orders:

Once the purchase requisition is approved, a purchase order must be issued to the selected vendor. The purchase order serves as a legally binding document outlining the terms and conditions of the purchase, including delivery schedule, payment terms, and warranties.

6. Receipt and Inspection:

Upon delivery of the purchased items or completion of services, the receiving department must inspect the goods or services to ensure they meet the specified requirements and quality standards. Any discrepancies or issues must be promptly reported to the Procurement
Manager.

7. Payment Processing:

Payment processing should be completed in a timely manner upon receipt of the goods or services, and in accordance with the agreed-upon payment terms. Invoices must be verified against the purchase order and approved for payment by the Finance Department.

8. Record Keeping:

Accurate and detailed records of all procurement activities, including purchase requisitions, purchase orders, invoices, and contracts, must be maintained for auditing purposes. All documentation should be stored securely and accessible for review as needed.

Compliance:

This Procurement Policy is subject to regular review and updates to ensure compliance with evolving laws, regulations, and best practices in procurement. Non-compliance with this policy may result in disciplinary action, up to and including termination of employment.