The lifecycle phase in which the necessary goods and services (e.g. design, construction, operations) to execute a project are acquired. This implies the conclusion of contracts defining the terms of the agreement with service providers. Procurement often involves a competitive bidding or tender process to obtain the best offer under equal conditions of quality, quantity, and time. Sustainable procurement decisions, which also consider the social, environmental, economic, and institutional impacts (positive and negative) alongside costs, can maximize the net benefit of all affected stakeholders.