If the order stops in Procurement, including Equipment Management (i.e. a restricted commodity, using federal funds, inventorial equipment, and/or is a non-catalog order over $9,999.99), a quote is required. Procurement Services requires proof of pricing, whether it be on a quote, email from the vendor, or screenshot of a marketbasket with a timestamp. Backing up your purchase requisition with pricing information such as a quote, email with pricing, or screenshot of website pricing will support and assist if any transactional issues were to arise with invoicing and audits. Here are a list of reasons why obtaining a quote is necessary:
- Pricing remains firm for 30 days or more depending what is on the quote, that way the vendor can't increase the pricing.
- A quote is needed to compare information on the requisition to make sure everything is entered correctly. Ex. Part # or price.
- A lead time is necessary for the department so they know when to expect the goods. (make sure items are in stock)
- Who pays for shipping and what are the terms of payment? There are a times when payment is not net 30 and the vendor wants prepayment or 50% down.
- Warranty information is sometimes listed on the quote which can be helpful if your item breaks down before the warranty period is over.
- What country the items are coming from can be listed on the quote, which allows the Buyers to add a Customs Broker to the order.