This Purchasing Policy applies to and binds all directors, managers and employees of the organisation in any situation where they are involved in a purchasing process, whether as requisitoners or specifiers, purchasers or negotiators, or those who validate or authorise payment. 'Purchasing' includes all procurement activities including leasing and hiring, and may where appropriate include other activities accompanying the life cycle of goods (or service contracts) and the end-of-life disposal of goods which have been procured (whether or not they remain in our ownership). Adherence to the Purchasing Policy is both an individual and a corporate responsibility. Wilful breach of this policy, or unauthorised departure from the Procedures derived from this Policy, may constitute a disciplinary offence. With reference to this:

2.1 Discuss the critical features that a policy statement should incorporate. (16)

2.2 Examine the risks associated with maverick buying and selling. (16)