From the course: Purchasing Foundations
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Legal and ethical considerations
From the course: Purchasing Foundations
Legal and ethical considerations
- "If you don't have integrity, you have nothing." That sounds like something a great philosopher from the past might say, but actually it comes from Henry Kravis, the founder of a private equity firm here in the U.S. I think that's a pretty good quote to kick off a conversation on legal and ethical considerations for purchasing professionals, because sound ethical conduct is especially critical to success in the purchasing field. Buyers are exposed to rather unique situations that may challenge their business conduct. Here are a few circumstances that buyers must avoid. Purchasing personnel must be very careful about accepting favors from suppliers, even the smallest of favors, like dinner, or tickets to a sporting event. Contracts must be awarded to suppliers based on the merit of their bid. The most extreme form of a favor is called a kickback, in which the buyer receives a cash payment from the supplier after the contract is signed. Believe it or not, this sometimes still happens…
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