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flag UK's Procurement Act 2023 comes into effect, aiming to boost transparency and support small businesses.

flag The UK's Procurement Act 2023, taking effect on February 24, 2025, aims to modernize public procurement by increasing transparency and supporting small businesses. flag Key changes include mandatory 30-day payment terms, allowing contracts to be awarded based on factors like social value and environmental performance, and breaking large projects into smaller lots. flag The Act also introduces the Procurement Review Unit to oversee compliance and prevent fraud, enhancing procurement standards and protecting public funds.

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