Procurement :: The Cocept Behind

1. Procurements - The Introduction :: We Procure from outside when we cannot make the Product by ourselves or when it does not give good cost benefit of making the Product by our own. Like wise Enterprise Project teams also want to procure or acquire or buy the product from outside when

A. The Buyer team does not have required competency to build the product.
B. It does not give the Buyer team cost benefit advantage if they build the product on their own. 
C. The Buyer team is considering to transfer some part of the risk associated with the Product.

What are the critical terms involved in Procurement? - Buyer and Seller gets into a mutually agreeable contract. It is been administered by Procurement Management.