Common use of Procurement Process Clause in Contracts

Procurement Process. The Operator will follow industry “best practices” to ensure receipt of competitive market rates for goods and services eligible for reimbursement within the scope of the existing monthly and annual budget. The competitive process must include soliciting bids from at least three vendors for goods and service in excess of five hundred dollars ($500.00) for all items approved in the annual authorized budget. Purchases of goods and services that are not budgeted and costing more than five hundred dollars ($500.00) must have prior written approval of the Airport Director or designee in order to qualify for reimbursement. Supporting documentation of the solicitation of competitive prices and receipts for all purchases of over $500.00 will be kept by the Operator in accordance with the requirements in Article IX (BOOKS, RECORDS, ACCOUNTING AND AUDIT) for a period of two (2) years following the completion of the Agreement.

Procurement Process. The Operator OPERATOR will follow industry “best practices” to ensure receipt of competitive market rates for goods and services eligible for reimbursement within the scope of the existing monthly and annual budget. The competitive process must include soliciting bids from at least three vendors for goods and service in excess of five hundred dollars ($500.00) for all items approved in the annual authorized budget. Purchases of goods and services that are not budgeted and costing more than five hundred dollars ($500.00) must have prior written approval of the Airport Director or designee in order to qualify for reimbursement. Supporting documentation of the solicitation of competitive prices and receipts for all purchases of over $500.00 will be kept by the Operator OPERATOR in accordance with the requirements in Article IX (BOOKS, RECORDS, ACCOUNTING AND AUDIT) for a period of two (2) years six(6)years following the completion of the Agreement.