Some aspects of legal support for private procurement compared to public procurement

The modern paradigm of rapid development of free business and transparent competition between subjects of the private business sector became the basis for the formation of a transparent system of legal support for private procurement, which, unlike public ones, have less legislative regulation and opportunities for abuse. However, at the level of law application, their settlement justified in other countries in Ukraine fails. This paper has considered various aspects of legal support for private and public procurement. The author conducted a study aimed at considering approaches to the definition and understanding of private procurement in comparison with public procurement, as well as the features of their implementation, with the aim of presenting the author's vision obtained during the legal analysis and study of the private procurement regulatory and legal support in comparison with public procurement in the Ukrainian right. A proper definition of "private procurement" is proposed as a procedure for the acquisition by a private business entity of goods, works, and services necessary for full and effective functioning, which takes place in the order determined by the internal rules of a particular business entity, and is based on the principles of legality, economy and efficiency. An analysis of some contracts conclusion elements of the process in both private and public procurement, such as conducting a tender procedure and subsequent conclusion of the contract, paying attention to their legal nature and features of conditions and participants. Attention was also drawn to the widespread use of the LOI "Letter of Intent" as a document signed by the parties during negotiations before concluding a final contract. The highlighted aspects contribute to the achievement of a clear understanding of these concepts, which in the future can help ensure effective legal regulation of procurement processes in all spheres of economic activity.