Public Procurement and Asset Disposal (Chapter 42:08).

The Public Procurement and Asset Disposal establishes the e Public Procurement and Public Asset Disposal Board (hereinafter referred to as "the Board") and provides for its constitution and membership, meetings and proceedings, functions and powers. The Board shall ensure that all public procurement and asset disposal entities, in making their decisions, take into account the principles of: a) an open, competitive economy and changing external obligations in relation, generally to trade and specifically to procurement, which dynamically impact on a continual basis on domestic procurement policy and practice;(b) standardisation of procurement items in the interest of cost reduction, ease of maintenance and technological effectiveness; c) aggregation of procurement and disposal activities and items that are common to procuring or disposing entities in order to benefit from economies of scale; d) competition among contractors by using the most efficient and competitive methods of procurement or disposal to achieve the best value for money; e) fair and equitable treatment of all contractors in the interest of efficiency and the maintenance of a level playing field; f) accountability and transparency in the management of public procurement and in the disposal of public assets in order to promote ownership of the system and minimise challenges thereto; and g) integrity, fairness of and public confidence in, the procurement and disposal process
Part VI contains financial and administrative Provisions concerning the Board. Part VII empowers the Board to establish Ministerial Procurement and Asset Disposal Committees for the management of aspects of the public procurement and the assets disposal process of the departments encompassed by each ministry, and Special Procurement and Asset Disposal Procurement Committee to manage the procurement of highly sensitive works, supplies, services and properties. Part VIII concerns reserved and preferential treatment, for instance pursuant to its economic and social objectives, the Government may from time to time introduce reserved and preferential procurement and asset disposal schemes, which shall be consistent with its external obligations and its stable, market oriented, macro-economic framework, among others. Part IX regulates accountability and transparency, audit and ethics, Part X provides for the establishment of the Independent Complaints Review Committee, and Part XI for the establishment of the Advisory Committee on Public Procurement and Asset Disposal. Part XII regulates registration of contractors.