The Sri Lanka Government Procurement Guideline defines procurement as,
“Procurement means obtaining by Procuring Entities of Goods, Services or Works by the most appropriate means, with public funds or funds from any other source whether local or foreign, received by way of loans, grants, gifts, donations, contributions and similar receipts”.
Procurement means acquiring or obtaining goods, services or works,
- of right quality,
- in the right quantity,
- at the right time,
- from the right supplier,
- at the right price,
- from the right source, in return of a monetary or equivalent payment.