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What is the definition of “exigency” relative to procurement?

In the case of an exigency, there is a need to avoid, prevent, or alleviate serious harm or injury, financial or otherwise, to the applicant, and use of competitive procurements would prevent the urgent action required to address the situation. Thus, a noncompetitive procurement may be appropriate.

(Source: FEMA: An Exception to the Rules During Emergency or Exigent Circumstances)