We had another great session with B2G Victory last week!
Do you know the difference between informal and formal purchasing processes? Last week’s session covered the main things you’ll need to take into consideration when participating in these processes.
The Formal Process
The formal process is for projects/supplies exceeding $50,001 for the calendar year.
This process involves the following steps:
- Type of Procurement
- $ Value for Year
- Advertise
- Pre-Bid/Pre-Submission
- Receive Responses
- Evaluate Results
- Make & Document Purchase
The Informal Process
When it comes to the informal process, payment or the contract/award value cannot exceed $50,000 per calendar year.
This process includes the following process:
- Type of Procurement
- $ Value for Year
- Advertise
- Vendor Search
- Get Quotes
- Evaluate Results
- Make & Document Purchase
Other topics included:
- The benefits and challenges in both processes
- The focus in both processes
- How opportunities are advertised
- Informal Process-requirements for all businesses
- Formal Process- The RFQ, IFB, & RFP
- Subcontracting - Prime vs Sub - Examples
- Cooperative & National Purchasing Organizations
- Researching opportunities
If you missed our Lunch & Learn session with B2G Victory and want to see more, you can watch it and previous sessions here!
Did You Know?
School Districts, Colleges, & Universities spend $1+ Trillion annually. There are over 3+ Million bids & RFPs published each year. There are nearly 14,000 school districts in the US.
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Be sure to check out B2G Victory, visit their website at https://b2gvictory.com/ or contact them at 832-305-6958 or hello@b2gvictory.com.
