§ 1108.305. Procurement transaction.
50 words·~1 min read·
/us/cfr/t2/s§ 1108.305·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Procurement transaction means a legal instrument by which a recipient or subrecipient purchases property or services it needs to carry out the project or program under its award or subaward, respectively. A procurement transaction is distinct both from "subaward" and "procurement contract," as those terms are defined in this subpart.