1. the action of obtaining or acquiring something, especially for an organization
Usage: often used in business and government contexts
2. the process of finding and agreeing to terms and acquiring goods, services, or works from an external source
Usage: business; formal

Examples

• The company’s procurement department handles all supplier relationships.
• Government procurement rules require competitive bidding for large contracts.
• The procurement of new equipment will take several months.
• She works in procurement for a major hospital system.
• The procurement process involves evaluating multiple vendors.
• Military procurement often involves specialized requirements.
• The procurement officer negotiated better terms with suppliers.