This is relatively a new concept that has not entered Arabic dictionaries. So, in the absence of a reference body, translators feel free to coin their own equivalents. The word means two different things:

1- To obtain (goods, services) by contract from an outside supplier, and

2- To contract (work) out. For example (You may choose to outsource this function to another company or do it yourself).

Any term that seeks to represent the English origin, should then bear the two meanings together. Therefore, I think the term (التعاقد الخارجي) is a proper one.

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Note added at 2002-03-20 21:48:32 (GMT)
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Reference: The New Oxford Dictionary of English