The Cayman Islands Procurement Regulations (2022 Revision) establish a comprehensive legal framework for public procurement, designed to ensure transparency, fairness, and value for money in government spending. The regulations require procuring entities to demonstrate economic need, conduct risk and impact assessments, and consider the socio-economic impact on local suppliers for all major projects. Clear specifications and business requirements must be drafted for each procurement, and competitive processes are mandatory unless specific criteria for direct award are met. The regulations outline various procurement methods, including open tendering, qualified tendering, sole source supply, and competitive negotiations, with thresholds and approval requirements based on the value of the procurement. For high-value contracts, the Central Tendering Committee (or Procurement Committee for Major Projects) must be involved to ensure compliance with best practices and oversight. The framework also promotes positive economic development by incorporating options that benefit local suppliers and the wider community. Overall, the regulations aim to strengthen governance, reduce risks, and enhance accountability in public procurement across the Cayman Islands.
Cayman Islands (UK) · 2018-01-30