Online or live auctions offer a way of buying equipment and supplies for the University. Each auction vendor has specific requirements for participation that do not always correspond with University regulations.Because auctions typically "bid up", your department will need to first establish price reasonableness by conducting research to compare prices to the auctioned item, and agree on a price cap over which you will not bid.
When you look at the price of auction items, the savings may seem substantial. Be aware that often the reasons for the low price involve:
- Limited or no warranties
- No return policy
- Advance payment requirement
- Items of uncertain history and condition
- No terms & conditions with the purchase
Remember, all auction items are purchased on an "as is/ where is" basis. Your department FlexCard should be used if purchasing through an auction.