COMPETITIVE SEALED BIDS:
Preferred method for acquiring goods, services, and construction for public use in which award is made to the lowest responsive and responsible bidder, based solely on the response to the criteria set forth in the IFB; does not include discussions or negotiations with bidders.

SMALL PURCHASES:
Any procurement not exceeding a given upper monetary limit, as established by law or regulation.

QUOTATION:
A statement of price, terms of sale, and description of goods or services offered by a vendor to a prospective purchaser; may be non-binding if solicited to obtain market information for planning purposes.

PRICE AGREEMENT:
A contractual agreement in which a purchaser contracts with a vendor to provide the purchaser’s requirements at a predetermined price.