8Value for money

8 Value for money (1) For this Act, value for money, in relation to a procurement, means the best available outcome for the procurement that maximises the overall benefit to the Territory. (2) Any decisions made or functions exercised in relation to the following must achieve value for money: (a) selecting an entity to supply goods or services; (b) authorising, or committing the Territory to, the expenditure of any money; (c) entering into a procurement contract for the procurement; (d) spending any money; (e) amending a procurement contract; (f) anything else prescribed by regulation. (3) To achieve value for money, the responsible chief executive officer for a Territory entity must be satisfied that the decision or exercise of the function— (a) uses public resources in an efficient and effective manner; and (b) manages any risks appropriately; and

(c) is undertaken by the Territory entity with probity; and (d) complies with this Act, including any direction about government procurement practices given by the Minister under section 43. Example—par (d) a direction to consider a charter of procurement values in undertaking a procurement Note A direction is a notifiable instrument, see s 43. (4) A regulation may prescribe any other matter the responsible chief executive officer for a Territory entity must be satisfied of or take into account to achieve value for money. (5) Any decision made under subsection (3) in relation to achieving value for money must be recorded in writing as soon as practicable after making the decision. (6) In particular, the written record must include the matters mentioned in subsections (3) and (4) of which the responsible chief executive officer was satisfied or took into account. Note Under the Financial Management Act 1996, s 31A (1), the responsible director-general of a directorate may enter into, vary and administer a contract relating to the operations of the directorate if the director-general acts in accordance with that Act, s 31. Under s 31 (1), the responsible director-general of a directorate is accountable for the efficient and effective financial management of the public resources for which the directorate is responsible.