Small purchases
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Here are the conditions for use…
- Purchases for required goods or services estimated to cost less than $5,000 that are not available under an existing blanket order shall be made in accordance with small purchase procedures specified below. Requirements shall not be artificially divided to meet the foregoing conditions for small purchases under this Subsection. Small purchases do not require a formal bidding process, but are made subject to informal competition at the following thresholds…
- Up to and including $1,000, no competition is required. Purchase may be made from any qualified Supplier by an authorized holder of an Association Procurement Card. Employees who are not authorized holders of an Association Procurement Card may make Small Purchases up to $250 per purchase using cash or personal credit cards by exception if authorized in advance by the Property Manager.
- From $1,001 to $2,500, pricing information or proposals (informal competition) shall be solicited, to the extent practical, from three (3) or more qualified suppliers [with a minimum of two (2)] via verbal quotation, published public documents, or quotation submitted by electronic means, whichever is most convenient.
- From $2,501 to $5,000 pricing information or proposals (informal competition) shall be solicited, to the extent practical, from three (3) or more qualified suppliers [with a minimum of two (2)] via written quotation, which may be submitted by electronic means, by facsimile, email, or other documented form. The Property Manager may, on an exception basis, proceed without such informal competition. Any such cases shall be included in the Property Manager’s monthly report to the Board of Directors.
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