QUOTES - Baylor College of Medicine
[Pages:1]QUOTES
Quotes are an important way to determine the best purchase option for departments.
WHAT ARE QUOTES?
Quotes are informal bids from suppliers that provide a fixed price for a good or service subject to a specific time frame.
WHY ARE THEY IMPORTANT?
They ensure the supplier knows exactly what the end user is wanting to purchase. Once BCM accepts a quote, the supplier must complete the work as detailed in the quote
and at that price. If we do not receive a quote, the College is put at risk and will be obligated to pay the
amount on the invoice, even if it does not match the amount on the PO.
Dollar Amount Up to $3K Up to $1K $1K - $10K $10K - $250K
$250K or More
Updated 09/06/19
REQUIREMENTS
Purchasing Method
Preferred Vendor
Documentation Required
Approved Vendor
Documentation Required
P-Card
-
-
PO
-
-
PO
1 quote
1 quote
PO
1 quote
3 quotes from different
vendors OR Sole Source +
1 quote
PO
1 quote
Formal Bidding Process -
Contact Supply Chain OR
Sole Source + 1 quote
SUPPLY CHAIN MANAGEMENT
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