Indefinite Quantity Contracts
Policy ____ [Number from Table of Contents]
Introduction
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Scope
Definitions
Definition phrase or word
- Definition summary
Policy and Procedure Statements
General - An indefinite quantity contract will be established by the Purchasing Department for requests for repetitive purchases of specific types of supplies from a single vendor over a specified period of time where the total amount exceeds $5000.
Competition will be solicited where available and a contract established with the lowest responsive bidder.
An indefinite quantity contract must not exceed the $150,000 university benchmark in total expenditures over a one year period. The contract will end when the benchmark is reached. A request for an indefinite quantity contract which exceeds, or is likely to exceed, $150,000 will be forwarded to Purchases and Contract Division for processing.
Information Required - With the exception of the dollar amount, a request for an indefinite quantity contract is very similar to a blanket purchase order, and it requires the same type of information (see PURCHASING Policy 14) .
Budgetary Action - Budgeting, invoicing and billing actions are also essentially the same as for a blanket purchase order (PURCHASING Policy 14).