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{{update|date=February 2021}}
The '''Open Contracting Data Standard''' is a standards development initiative issued by the [[Omidyar Network]] and the [[World Bank]] which commenced in November 2014. It sets out the key documents and data which should be published at each stage of the process of letting a contract for the [[Government procurement|procurement]] of goods and services for the [[public sector]]. Adoption of the standard requires publishers to release data under an open license, because "publishing data under an open
The Open Contracting Partnership, a not for profit organisation promoting openness in contracting, argues that the use of the standard will reduce costs,<ref>https://openopps.com/blog/post/21/why-good-procurement-data-does-more-than-fight-corruption/</ref> create more competitive contracting, and prevent fraud and [[corruption]].<ref>http://standard.open-contracting.org/latest/en/implementation/levels/</ref><ref>https://openopps.com/blog/post/11/why-the-open-contracting-data-standard-matters/</ref>
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