What is Budget Law in Procurement?
Budget law forms the second legal framework for public procurement, governing principles of economy and efficiency.
Legal Framework
- Section 7 BHO: Economy and efficiency principles
- Section 55 BHO: Contract award
Budget Principles
Economy (best value), efficiency (no unnecessary spending), budget truth (realistic planning), and annuality (expenditure within budget year).
How Patterno Helps
Patterno helps you understand procurement cycles tied to budget years, informing you about seasonal tendering waves.