1. Purpose

This policy sets out Lacuna Space Ltd’s approach to procurement to ensure that all goods, services, and works are acquired ethically, transparently, and cost-effectively in support of organizational goals.

2. Scope

This policy applies to all employees, departments, and third parties involved in procurement activities on behalf of Lacuna Space Ltd.

3. Objectives

  • Achieve value for money through competitive sourcing
  • Ensure procurement processes are fair, accountable, and transparent
  • Promote sustainability and responsible sourcing
  • Support small businesses and diverse suppliers where feasible

4. Procurement Principles

  • Transparency: Clear documentation of procurement decisions
  • Fairness: Equal treatment of all suppliers
  • Integrity: Avoid conflicts of interest and ensure honest conduct
  • Accountability: Clear roles and responsibilities
  • Compliance: Adhere to applicable legal and regulatory requirements

5. Roles and Responsibilities

  • Procurement Manager/Officer: Oversees procurement processes and ensures policy compliance
  • Requisitioners: Define requirements and initiate purchase requests
  • Finance Team: Reviews and approves expenditures
  • All Staff: Must follow procurement procedures and report unethical behavior

6. Procurement Methods

Procurement methods will be selected based on value and risk:

  • Petty Purchases: Low-value items; informal process
  • Request for Quotation (RFQ): Competitive quotes for mid-value purchases
  • Request for Proposal (RFP)/Tender: Formal process for high-value or complex procurements
  • Single Sourcing: Only with strong justification and prior approval

7. Supplier Selection and Evaluation

Suppliers will be selected based on:

  • Quality and reliability
  • Price and value
  • Delivery and service capability
  • Compliance with ethical standards and policies
  • Environmental and social responsibility

8. Contract Management

  • All purchases above a set threshold must be governed by a written contract
  • Contracts must clearly outline scope, terms, deliverables, and pricing
  • Contract performance must be monitored and evaluated

9. Conflict of Interest

All staff must declare any potential conflict of interest. Employees must not be involved in procurement decisions where personal relationships or interests could influence outcomes.

10. Record Keeping

All procurement activities must be documented and records maintained for audit and accountability purposes. This includes quotations, approvals, contracts, and correspondence.

11. Training and Awareness

Procurement training will be provided to relevant employees. Awareness of this policy is mandatory for all involved in purchasing activities.

12. Policy Review

This policy will be reviewed annually or as needed to reflect changes in business operations, legislation, or best practices.

For internal use only. All rights reserved to Lacuna Space Ltd.

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