GSA - The General Services Administration of the federal government. PO3 - Interdepartmental Purchase Order. A request submitted by a department that authorize an on-campus servicing department to charge the requesting department for goods or services. The request is made using a PO3. An interdepartmental purchase order creates an encumbrance transaction.
Title remains with the lessor.
At no time does the lessee build equity in the property. During the term of the lease, the lessee builds equity at a specified rate so that at the end of the lease period, the lessee has the option of purchasing the property at a specified amount. Title to the property usually remains with the lessor until the lessee exercises the option to purchase. The time required from receipt of a properly prepared purchase requisition by the Purchasing Office until issuance of a purchase order or contract. This time will vary according to the complexity of the procurement.