Such individuals work for themselves and control the performance of the work based on experience, special license, or special training required for the job. An abbreviation meaning t he article desired is supplied unassembled. The period of time from date of ordering to date of delivery during which the buyer must reasonably allow the vendor to prepare goods for shipment. Also, the period of time needed by Procurement to process departmental Purchase Requisitions for bidding and award of contract. Lease, Equipment A written contract between the University and a vendor for the use of equipment for a term greater than 12 months, at the end of which period the equipment may be returned to the vendor.
Title remains with the vendor at all times.
Also, see Rental, Equipment. Title remains with the vendor until such a time as the purchase option may be exercised. Life-Cycle Costing A procurement technique that, when determining low bid, in addition to the cost of acquisition, takes into account demonstrable and documented operating and maintenance costs, as well as the cost of money, other costs of ownership and usage, and the resale or residual value of the product. Material The equipment, apparatus, and supplies used by an organization or institution. Those departments that are not on-line to the Automated Purchasing System and process and approve their purchasing documents manually, on forms.