Procurement
The process of obtaining goods, services, and contractors necessary for the completion of a construction project.
Effective procurement ensures the timely availability of materials and services, preventing delays and cost overruns.
Used in a sentence
Procurement involves acquiring the necessary materials and services needed to complete the construction project.
Synonyms/variation
Purchasing
Sourcing
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The Construction Buyout Process Explained
Although every construction project is unique, all projects progress in several common phases, from predevelopment through to closeout. Each stage of a project builds on the ones before it. During preconstruction, the drawings are finalized and the general contractor is selected. But the project isn’t ready to break ground quite yet. Because the GC rarely […]
Construction Purchase Orders 101: A Contractor’s Guide to POs
The construction purchase order (PO) is a document that outlines the price and quantity of goods or services necessary to complete a project contract as agreed upon by two parties — the buyer and the seller. The buyer (usually an owner or general contractor) issues a PO to the seller (usually a general contractor or […]
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