The Procurement Act 2023, effective 24 February 2025, establishes a modernised framework for public procurement, enhancing flexibility, transparency, and accountability. It introduces streamlined procedures, including a competitive flexible procedure that allows authorities to tailor processes to their specific needs, and reduces existing procurement processes to improve efficiency. Transparency is reinforced through mandatory notices at all stages and a Central Digital Platform providing access to procurement data. The Act places greater emphasis on social value, requiring consideration of environmental, social, and innovation factors alongside cost, while extending prompt payment obligations to subcontractors and introducing a central debarment list to uphold integrity. Contracting authorities must adapt internal processes, monitor Key Performance Indicators, and ensure compliance with payment and exclusion provisions, while suppliers are expected to respond proactively to new notices, demonstrate social value, and maintain performance standards. Overall, the Act aims to make public procurement fairer, more accessible, and better aligned with broader social and economic objectives.
Cayman Islands (UK) · 2016-10-24