Competition FIN-PUR-5.0
Scope
-
Policy Statement
Single requirements under $5,000 need not be bid. The purchasing professional may use his or her discretion regarding bidding single requirements with a net cost of less than $5,000. Competitive quotes shall be solicited for requirements of over $5,000 or appropriate justification shall be provided to document exceptions.
Recognized official quotations are the responsibility of the University Procurement Services.
Reason for Policy
To secure timely delivery of goods and services for the University at the most cost-effective price and to encourage competition while promoting ethical business practices with all parties.
Procedures
Solicitation Process Procedures
Definitions
Quotation Process: Soliciting price and terms from two or more vendors.
History
This policy was established on February 18, 1992.
