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Price Quote Documentation

Price Quote Documentation. Lydia Huber Director of Purchasing Victoria College. Why are price quotes necessary?. Texas Education Code 44.031 .

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Price Quote Documentation

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  1. Price Quote Documentation Lydia Huber Director of Purchasing Victoria College

  2. Why are price quotes necessary? Texas Education Code 44.031 Purchasing contracts, with certain exceptions, valued at $50,000 or more in the aggregate for each 12-month period providing best value must be made utilizing one of the following methods: • Competitive bidding • Competitive sealed proposals • Request for Proposal • Interlocal contract • Design/build contract • Contract to construct • Job order contract • Reverse auction

  3. When to obtain quotes: • Victoria College internal procedures state: • Purchases over $50,000 are subject to formal bidding procedures • Purchases less than $50,000, in the aggregate may not be subject to bid • Price quotes are obtained on commodities with a value between $10,000 and $49,999

  4. Obtain quotes from? • A minimum of three vendors is recommended • More can be obtained if you feel it is in the best interest of your institution • Always strive to get the best value

  5. How to document quotes? • Various options • Quote forms • Email • Fax • Consistent request from each vendor • Request for quote documentation could vary between commodities

  6. Where are the quotes stored? • Electronically • Hard copy kept in the Purchasing Office • Hard copy kept in the A/P file when the invoice is paid • Know where quotes are

  7. Factors to consider: • Nature of the commodities or services requested • Terms and conditions determined by your institution • Insurance requirements • Onsite repairs, upgrades, etc. • Installation of commodity (i.e.: furniture)

  8. Additional Information: • Set specific deadlines for receipt of quote • Method of delivery • In person only • Fax • Email • Know your own institution’s internal policies and/or procedures

  9. Questions • Thank you! • lydia.huber@victoriacollege.edu • (361) 572-6461 phone • (361) 582-2464 fax

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