Procurement Glossary of Terms

Education is power! Below are popular phrases used in Procurement Services.

Purchase Card  - Also known as a PCard, it is a credit card.
Request for Proposal - A competitive bid process for a professional service based on a set of evaluative criteria that will cost over $10,000.
Request for Quotation - A competitive bid process for commodities that will cost over $10,000.
Sole Source - A sole source is for a customized item or service that only one company can create or provide. Sole source purchases require the submission of the Sole Source Justification Form.

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