Policy ID:
Date Instituted: May 1, 2005
Last Revised: May 1, 2005

Policy Description

Bid policy for the university is as follows:

• All acquisitions of goods or services (with or without a contract or lease involved) that total over $10,000 must be transacted with at least two (2) bids being obtained. It is recommended, however, that for orders over $25,000 that a total of between three (3) to five (5) bids be obtained, but two (2) shall be the minimum.

• Bidding can be waived if the item or service being provided is being provided by a university preferred vendor (i.e. a vendor listed on the Procurement Department’s preferred vendor list) or if the vendor is a sole provider of the good or service in question.
  

• Additionally, bids involving contracts or leases that total over $250,000 must be approved by the President of the University and bids involving contracts or leases that total over $500,000 must be approved by the Board of Regents.