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Purchasing Policy                                                                               Home > Accounting/Procurement > Purchasing Policy

Effective December 1, 2000, Old Dominion University Research Foundation has revised its procurement procedures. The following guidelines apply to procurement transactions:

Dollar Value of Purchase Quotations Required
$2,000 or less No quotations are required. Submit standard requisition to ODU Research Foundation Purchasing.
$2,001 to $10,000 Three quotations required. Telephone, internet or catalog references are acceptable.
$10,001 to $100,000 Three written quotations are required. Written quotations must be attached to requisition when submitted.
Over $100,000 Sealed bids. The Principal Investigator must provide written specifications. ODU Research Foundation Purchasing shall coordinate bid proposal and reward process.

State and GSA Contracts – Any item covered by a Commonwealth of Virginia or General Service Administration (GSA) contract, regardless of the dollar amount, is exempt from the above guidelines.

Single Source Justification – Justification of single or sole source should include unique performance factors of the product specified, why these specific factors are required and what other products have been examined and why rejected. Equipment component or compatibility justifications must identify the compatible equipment and vendor from whom purchased.

 

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