Suppliers Beware of New Procurement Act 2023

Tender description

Please read the attached letter that provide valuable information regarding the Procurement Act 2023 and Procurement Regulations 2024. The key objective for the Procurement Act 2023 was to make it easier for suppliers to do business with the public sector- as such there are some core benefits for suppliers once the new regime goes live in October, including: - A main place to register and to store your core business details so that they can be used for multiple bids - Improved transparency and access to information, with all public procurement opportunities in one place - making it easier to search for and set up alerts for procurements of interest to you - Better visibility of procurement plans, engagement events and tender opportunities - including those below threshold - increasing the number of opportunities available to bid on - Greater visibility about who is bidding for, and winning, larger public sector contracts above £5 million, and the details of those public contracts. - Simplified bidding processes to make it easier to bid, negotiate and work in partnership with the public sector - including a new ‘competitive flexible’ procedure. - Frameworks will be more flexible, so prospective suppliers are not shut out for lengthy periods of time. - A new duty on contracting authorities to have regard to the barriers facing Small Medium Enterprises (SME) and Voluntary Community and Social Enterprise (VCSE) suppliers, and to consider what can be done to overcome them throughout the procurement lifecycle, helping level the playing field for smaller businesses so they can compete for more contracts. - Strengthened provisions for prompt payment throughout the supply chain - enabling SMEs to benefit from 30-day payment terms on a broader range of public sector contracts. - A stronger exclusions framework will take tougher action on underperforming suppliers. For Knowledge drops and further information read the attached letter. Keywords: Procurement Act