Award: a term used to mean the announcement or placement of an order for goods or services at the conclusion of a competitive bidding process. Blanket Purchase Order: a standing purchase order issued to vendor by the Director of Logistics and Support Services for goods that are purchased on a regular basis. Commodity Manager: an individual responsible for coordinating or approving the purchase of a specific item or class of items for use campus wide. Contract: a written agreement between Loyola College in Maryland, Inc. and a third party detailing the terms and conditions of a transaction between the two parties. The terms and conditions will include the compensation for the transaction, details of the transaction (purchase of goods, engagement of professional services, etc.) special considerations, the date when the transaction must take place, and the like. A purchase order is an example of a frequently occurring contract reduced to a reproducible form. Fixed Asset: any item purchased which has a useful life of more than one year and a purchase price of at least $3,500.00. Procurement Card: a MasterCard commercial credit card issued to Loyola College employees through MBNA to be used to simplify the purchase of small dollar ($1,000 or less) non capital goods. Purchase Order: a pre-printed, numbered form used to notify a seller of the Colleges offer to purchase specified items at a particular price. Other terms and conditions such as delivery dates, delivery instructions, warranty, installation, other business terms, etc. may be included in the document. Request for Proposal (RFP): a written solicitation that conveys to vendors, a requirement for materials or services that the purchaser intends to buy. An RFP is a primary means of inviting a bid or proposal from prospective suppliers. Signature Authority: denotes having the authority and responsibility to execute binding contracts and/or purchase orders on behalf of the College. The authority may be expressed in terms of dollar limits; many levels of authority may be present within the organization depending upon the type of transaction contemplated. Sole Source Item: an item that is purchased from one supplier usually because of its technological, specialized or unique characteristics. Go to Contracting Authority 1 Go to Procurement Authority 2 | 
