• Economy: taking into account price and quality without adversely affecting the viability of the project.
• Efficiency: procurement processes are proportional to the value and risks of the required project outcome, taking into account implementation capacity, time constraints, and cost-effectiveness.
• Fairness: equal treatment of eligible bidders; equitable distribution of rights and obligations between borrowers and bidder; and credible mechanisms for addressing procurement-related complaints.
• Open competition: ADB’s preferred procurement approach, whenever possible, to maximize fairness in bidding.
• Transparency: relevant procurement information is made public in a consistent and timely manner: open reporting of procurement activity; and confidentiality provisions in contracts only where justified.
• Quality: procuring inputs and delivering outputs of appropriate standard in a timely manner to achieve the project outcomes, taking into account the context, risk, value, and complexity of procurement
• Value for money: obtaining optimal benefits through effective, efficient, and economic use of resources.

Video on ADB's new procurement framework

Video: Major Changes to ADB's Procurement Framework

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