Auctions and Reverse Auction FIN-PUR-18.0
Scope
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Policy Statement
In the event that University Procurement Services identifies that a transaction utilizing an auction process best serves the interests of the University, the purchasing department may utilize or authorize the use of an auction transaction. University employees must secure prior approval from the purchasing department to conduct such transactions.
Reason for Policy
The University may find that its interests are best served by utilizing auctions. These auctions may be traditional auctions as well as on-line, reverse auctions.
History
The source to this policy is:
Assistant Vice President, University Procurement Services, Vice President and General Counsel, Treasurer’s Office
