What is the primary purpose of the Guam Procurement Law?

The primary purpose of the Guam Procurement Law is to regulate government procurement processes. This law is designed to ensure that the acquisition of goods and services by government agencies is conducted in a fair, transparent, and efficient manner. It establishes guidelines for how public funds should be spent and sets forth procedures to promote competition among vendors, thereby safeguarding the interests of the public and ensuring accountability in the use of government resources.

While managing public funds is an important aspect of procurement, the focus of the law is specifically on the processes surrounding procurement, including bidding, awarding contracts, and ensuring compliance with regulations. This prevents misconduct and promotes the best value for the government. Additionally, taxation policies and educational funding, while also crucial areas of public service, are governed by different laws and are not the primary focus of the Guam Procurement Law.