There are various ways to obtain pricing from vendors for the products you need or the services you require, including informal quoting, formal bidding / RFP process, etc., depending on the total amount of the spend, the type of spending, etc. While the threshold for the required 3 quotes is $10,000 or more over the same fiscal year with the same vendor, departmental end users are encouraged to obtain quotes for any amount to ensure that they gain an understanding of the market and are getting competitive pricing.
Please note that regardless of the types of goods/services or dollar amount, University departments are strongly encouraged to utilize a University Preferred Supplier or contracted should one exists.
Upon request, Procurement Services will assist in locating potential suppliers and obtaining pricing and product availability information, as well as provide RFP templates, example schedule of events, and can also provide assistance with RFP development, review, and posting.
OBTAIN INFORMAL QUOTES
For total aggregate purchasing needs of $10,000 or more with the same vendor, a minimum of 3 documented quotes are required, unless the purchase is a legitimate case of sole source purchase.
Emailed vendor quotes are strongly preferred. Screen capture of applicable vendor, product and pricing information obtained during internet product research is also acceptable. Verbal quotes over the telephone or in person are only permissible if they are subsequently clearly documented by the requisitioner in writing or e-mail.
All quotes must include the following information:
- Vendor Name
- Quote Date
- How long the quote is valid for, usually 30-60 days
- Vendor Quote Number
- Product/Service Description
- Quoted Price (must be an exact price and not a range)
A requisition in Banner is required as well as a completed and signed Vendor Selection Form referencing the 3 quotes.
PLEASE NOTE, you DO NOT have to select the lowest quote! The best value quote that best meets your needs is acceptable and is a valid basis for vendor selection after the quoting process.
FORMAL / SEALED BIDDING PROCESS
The preferred method of procuring construction is through a formal process where the well-defined specifications are provided to interested bidders in written format and award is made based on vendor meeting all requirements and has the lowest bid price.
REQUEST FOR PROPOSAL (RFP)
This is the preferred method for procuring services or for when maintenance and/or customer service is a large component of the vendor spend and relationship. A formal process where defined specifications are provided in written format and the contract is awarded to the bidder whose proposal is most advantageous / best total cost of ownership, with price being one of the selection factors.
REQUEST OF QUALIFICATIONS (RFQ)
A formal process used in choosing providers for architectural, engineering, and other professional services for requirements anticipated, but yet to be specified.