Principles of Public Procurement: Financial and Legal Aspect

From a financial and legal perspective, this article examines the legal principles underlying the regulation of public procurement. The author includes the procurement activities of state and municipal authorities, as well as purchases carried out by certain types of legal entities with state participation. The subject of the study consists of public relations formed in the area of procurement activities by these entities. The focus of the research is on the provisions of regulatory legal acts that govern the mandatory procurement activities which utilize public finances. The article thoroughly elaborates on the principles of public procurement, which are viewed as a development of the principles of budget law. Special attention is given to the principle of efficiency in conducting public procurement. Furthermore, the research places significant emphasis on the procurement principles of individual legal entities and analyzes their legal nature. The methodology of this research consists of the following methods: analysis, synthesis, induction, deduction, as well as a formally-legal method applied to the study of the content of legal norms. As a result of the study, the legal nature of the principles of public procurement was analyzed, and subsequently, the financial and legal nature of these foundational provisions was highlighted. The novelty of the research lies in justifying the financial and legal nature of procurement for a broader range of subjects and the principles on which the legal regulation of relationships in this area is based, as well as systematizing these principles based on the analysis of financial and legal regulation of procurement activities. Additionally, as a result of the analysis of the provisions of public procurement legislation, additional financial and legal principles were identified that are not enshrined in the procurement legislation. A comparison of the principles of state procurement and the procurement of legal entities with state participation was also conducted, resulting in the development of a system of general and specific institutional principles of public procurement.