Subject: [faculty] Fwd: Increase in Purchasing Bid Limits
From: "Soren P. Sorensen"
Date: Fri, 9 Dec 2005 08:37:30 -0400
To: "Physics Faculty"



Purchasing Bid Limits

 

As previously announced the no-bid limit for purchases of goods and services and for contractual arrangements was increased from $2,000 to $5,000, October 1, 2005.  Effective January 1, 2006, the informal and formal bid limits will be increased as shown below. 

Purchases of $5,000 or less can be handled by the department through:

·        Procurement Card

·        Invoice from Vendor

·        Petty Cash

Purchases over $5.000 and up to $25,000:

·        Must be processed through Purchasing using the IRIS requisition process

·        At least three bids must by solicited by the Purchasing Department

Purchases over $25,000

·        Must be processed through Purchasing using the IRIS requisition process

·        Formal sealed bids through Purchasing is required

Questions regarding the change in bid limits or any other questions concerning the purchasing procedures should be directed to your local Purchasing Department.  Fiscal policies related to the University’s purchasing guidelines will be updated shortly to reflect these changes. 

Neal Wormsley
Assoc. Vice President
nwormsley@tennessee.edu


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  Soren P. Sorensen    Department of Physics
  Professor and Head   University of Tennessee
                       Knoxville, TN 37996-1200

  TEL: 865-974-7805    sorensen@utk.edu
  FAX: 865-974-7843    http://www.phys.utk.edu/sorensen
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