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Basic definition of EC grants and procurement contracts. - or the functioning of a body which pursues an aim of general European interest or has an objective forming part of a European Union policy.
What is 'Procurement' Procurement is the act of purchasing or otherwise taking possession of something, especially for business purposes. BREAKING DOWN 'Procurement' Procurement is essentially the acquisition of products and services. Both individuals and corporations have certain items which they must acquire; procurement is the name for the process by which they do so and that takes into account budgeting, supply chain and payment, among other factors.