Installment Purchase
Installment purchases—where bids are obtained in accordance with appropriate purchasing procedures and payments are made over a period of time—are permitted only in special cases. A letter of justification, approved by the requestor's department head, dean (where applicable), and appropriate Vice Chancellor must be submitted with a requisition to Procurement Services.
The justification must indicate:
- the amount of the purchase,
- the desired term of the installment agreement,
- the source of funds to be used to pay the installment,
- why an installment is being requested in lieu of an outright purchase.
Procurement Services must also obtain approval of the requisition from the Vice President for Finance and Administration before proceeding with the bid or purchase.
Rev 5/11/21