Which circumstance allows for sole source procurement?

Prepare for CGFM Exam 3 - Financial Management Functions with a comprehensive suite of questions and explanations. Perfect your knowledge with flashcards and multiple-choice questions to excel in your certification exam!

Sole source procurement is a process used when a contract is awarded to one specific supplier without a competitive bidding process. One of the key circumstances justifying this approach is unusual or compelling urgency. This scenario often arises in situations where time is critical, such as in emergencies or situations requiring immediate attention—making it impractical to conduct a full procurement process that could delay obtaining necessary goods or services.

When urgency is a factor, the efficiency and speed of procurement take precedence over the competitive aspects, allowing organizations to act swiftly to meet immediate needs. This helps ensure that essential services or products can be delivered in a timely manner, ultimately serving the best interests of the organization and the public it serves. In this context, the focus is on addressing immediate needs, rather than exploring multiple vendor options or standard contracts, which might slow down the procurement process.

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