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English definition of “procurement”

procurement

noun [U]     /prəˈkjʊəmənt/ US   /-ˈkjʊr-/ formal COMMERCE
the process by which an organization buys the products or services it needs from other organizations: He vows to cut procurement costs 10% by halving the number of global suppliers.procurement policy/procedure/rules We must ensure that the process follows strict EU procurement rules. → See also e-procurement
(Definition of procurement noun from the Cambridge Business English Dictionary © Cambridge University Press)
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