(1) A Council must prepare and adopt a Procurement Policy which specifies the principles, processes and procedures applying in respect of the purchase of goods and services by the Council, including for the carrying out of works.
(2) A Procurement Policy must seek to promote open and fair competition and provide value for money.
(3) A Procurement Policy must include the following—
(a) the contract value above which the Council must invite a tender or seek an expression of interest;
(b) a description of the criteria to be used by the Council to evaluate whether a proposed contract provides value for money;
(c) a description of how the Council will seek collaboration with other Councils and public bodies in the procurement of goods or services;
(d) the conditions under which the Council may purchase goods or services without inviting a public tender or expression of interest;
(e) a description of the process to be undertaken in inviting a public tender or expression of interest;
(f) any other matters prescribed by the regulations.
(4) The contract value to be included in a Procurement Policy in accordance with subsection (3)(a) must not exceed the value prescribed by the regulations for the purposes of this section.
(5) A Council must review its Procurement Policy at least once during each 4 year term of the Council.
(6) A Council must adopt the first Procurement Policy under this section within 6 months of the commencement of this section.
(7) Until a Council adopts a Procurement Policy under this section—
(a) the procurement policy approved by the Council under section 186A of the Local Government Act 1989 which is in effect before the commencement of this section applies as if the procurement policy had been adopted under this section; and
(b) the restrictions on the power of a Council to enter into a contract under sections 186 and 186A of the Local Government Act 1989 as in force before the commencement of this section continue to apply as if those sections had not been repealed.