Indiana University Institutional Policy - Competition
SUBJECT: Policy on Competition
SOURCE: University Purchasing Department
POLICY NO: P - 5.0
DATE ISSUED: February 18, 1992
DATE REVISED: March 1, 2000
RATIONALE:
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.
POLICY:
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 Purchasing Department.
DEFINITIONS:
Quotation process is soliciting price and terms from two or more vendors.
PROCEDURE REFERENCE:
CROSS REFERENCE:
RESPONSIBLE ORGANIZATION:
University Purchasing Department