Procurement

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DEFINITION of 'Procurement'

1. To attain possession of something, usually after exerting a substantial effort to do so.

2. The purchasing of something usually for a company, government or other organization.

INVESTOPEDIA EXPLAINS 'Procurement'

Here are some examples of sentences using the word "procurement":

1. He was able to procure seats to the sold-out concert.

2. The company has a large budget for the procurement of office supplies.

Procurement is a term commonly used in the energy industry as many retailers must procure gas, electricity and/or other energy sources through trading activities, such as buying futures contracts.

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