Modern economics in the context of security: efficient use of funds and reduction of risks as one of the aims of public procurement

• Published in: Entrepreneurship and Sustainability Issues 2020-09, Vol.8 (1), p.49-59
• Main Authors: Gaile, Džeina, Tumalavičius, Vladas, Skrastiņa, Una, Načiščionis, Jānis
• Format: Article
• Language: English
• Subjects: Economics; Government purchasing; Law; Purchasing; Risk management; Security
• ISSN: 2345-0282; 2345-0282
• DOI: 10.9770/jesi.2020.8.1(4)

The purpose of this research is to analyse efficient use of contracting authority funds and reduction of its risks. Since all legal norms should be understood in the light of the aims of the law, this aim, together with others, is important in the interpretation of the Public Procurement Law. To interpret the aim correctly, it is important to understand its origins, history, how it is further reflected in law and how it is applied in practice. Therefore, authors analyse all those aspects using historical, descriptive, dogmatic and analytical research methods. Understanding of this principle is important in practice since it should be applied together with other principles, for example, equal treatment of tenderers and transparency, but it sometimes can even contradict them. Therefore, lack of understanding of this aim can lead to incorrect application of law. There is no publicly available research on this topic and, as one of the aims of the law, it is further developed and applied in practice. It is important for contracting authorities and tenderers to understand the meaning, possibilities and limitations of this principle. Therefore, this research is both original and practically applicable. As a result of the study, readers can gain more insight into the impact of this aim on public procurement.