M20_Review (Procurement)

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the group in the Controller's Office that is responsible for payments to vendors

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Accounts Payable

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electronically approves HokieMart requisitions. Approver checks to make sure the item is appropriate for purchase and that the proper fund and account code is used

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approver

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submitted by a vendor stating the amount it will cost to do or provide what is being requested

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bid

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In Procurement, requires more than one source (i.e. company, contractor, etc.) to submit a bid

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competitive

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purchasing actions that can be enacted without competition and can be processed for payment in an expedited manner (Policy 3220)

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direct pay

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Virginia Tech's e-procurement system, which provides an effective and efficient purchasing process, including online access to many vendors, an automated interface to Banner Finance, and the ability to secure better pricing of commonly-used products

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HokieMart

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a public advertisement for low bids to be submitted for a specific and defined good or service

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Invitation for Bid (IFB)

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In purchasing, indicates that a company may have the exact item needed for research that no one else may offer so Virginia Tech doesn't need competitive process.

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non-competitive

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an individual who initiates the electronic purchase of goods and services "on behalf of" the Requestor who is authorized to use HokieMart

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On Behalf-of-Requestor

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act of acquiring something, selecting vendors, establish payment terms

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Procurement