Context

The Bank of Canada requires that its resources be used effectively and efficiently to obtain appropriate value for money. The procurement approach used to secure the supply of these resources shall be executed in accordance with this policy.

Purpose

The purpose of this policy is to provide clear guidance on the procurement of goods and services by authorized staff to ensure both fairness and transparency as well as accountability for decisions. Each of Procurement Services, Legal Services, and business lines play significant roles in the day-to-day application of this policy.

Policy Statement

It is the Bank's policy that goods and services are procured in a fair, open, timely and economically effective manner and that all procurement activity complies with applicable legislation and Bank policies. The basis of this policy is a competitive tendering process. All exceptions to the policy require the approval of the appropriate management authority.