What does CIPS stand for in commercial contracting?

CIPS stands for the Chartered Institute of Procurement and Supply, which is a professional body that supports procurement and supply chain professionals through education, training, and resources. This organization is recognized globally and focuses on promoting good practices, raising standards, and leading advancements in procurement and supply chain management.

The term "chartered" signifies that the institute is recognized for its professional status, which adds credibility to its qualifications and members. It also provides chartered status for individuals, underlining the commitment to continuous professional development in the field. Understanding the role of CIPS is essential in the context of commercial contracting, as it emphasizes the importance of professional ethics, sustainability, and effective supply chain strategies in procurement processes.