Law 22 of Public Procurement

The objective of the Act o Public Contracting is to establish the rules and basic principles of mandatory compliance that will regulate the public contracts performed by the Government, the autonomous and semi-autonomous entities, the financial intermediaries and corporations in which the State owns fifty one percent (51%) or more of its stocks and patrimony.

The faithful compliance of the rules and juridical principles that regulate the selection procedures of the contractor contained in Act 22 of June 27th of 2006, which govern the preparation and execution of the contractual will of the selection procedures , guarantees the participation of a greater number of bidders allowing a higher competitiveness, equal opportunities, advertising of the public act and transparency on the public management. A greater control and performance of the public funds is obtained allowing the administration to select and award the proposal that offers greater advantages in quality of the bided property, of the required service, technical and financial capability of the contractors; as well as to offer a greater opportunity and fairness to the participants.