Common use of Procurement Records Clause in Contracts

Procurement Records. The Contractor shall maintain procurement records and files for purchases in excess of the small purchase threshold, which include at a minimum the following: 1. Basis for selection or rejection (including price and other pre-determined criteria), 2. Justification for lack of competition when competitive bids or offers are not obtained, and 3. Basis for cost or price of the subcontract.

Procurement Records. The Contractor shall maintain procurement records and files for purchases in excess of the small purchase threshold, threshold which include at a minimum the following: 1. Basis for subcontractor selection or rejection (including price and other pre-determined criteria), 2. Justification for lack of competition when competitive bids or offers are not obtained, and 3. Basis for cost or price of the subcontract.