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.