Project Procurement Management consists of the processes required to acquire products, services or results from external sources. Although an organization can be the buyer or the seller, these processes are identified considering the performing organization as buyer. The seller appears in the contract life cycle first as a bidder, then as a selected source and finally as the contracted supplier, vendor or external provider. The resulting contract between buyer and seller forms a mutually binding agreement that obligates the seller to provide specified value and obligates the buyer to proved monetary or other valuable compensation. Following diagram describes Project Procurement Management processes with their inputs, outputs, tools and techniques.

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