Question: Requiring bids for large expenses

Is there a standard for when to ask for bids or quotes on large expenditures before just proceeding with a purchase (e.g., any item over $1000, or $5000, or $10,000)?

Asked by Lmmschmitz

Answers:

Advice from PTO Today

Rose H writes:
Hi Lmmschmitz,
There's not a standard or specific requirement, but do what makes sense. You just want to make sure you're spending wisely and so it's always worth shopping around, even for smaller purchases, to see who has the best deal. But, it shouldn't become too labor intensive, either, so that you are spending tons of time just to save, say, $10 on a $200 printing order. In general, once you get into much bigger purchases, up in the $1,000 range, you should get quotes if possible.