Establish your organization’s vendor bidding guidelines and define requisition responsibilities with our Vendor Selection Policy, which is designed to ensure that expenditures are authorized and used for products or services with a valid business purpose. The document outlines the criteria and processes for vendor selection, emphasizing performance, quality, delivery timelines and negotiated price. It also mandates an evaluation of a vendor's capability for orders with significant value or long delivery timelines.

The policy promotes transactions with the company's subsidiaries if beneficial to the organization and highlights the importance of avoiding conflicts of interest in vendor selection. It details procedures for acquiring bids, exceptions for single-source and sole-source vendors, and provisions for emergency purchases. The document serves as a vital tool for maintaining transparency, fairness and efficiency in procurement processes, aligning them with the company's strategic objectives and economic conditions.

According to this policy:

• Products and/or services should be ordered from one of the company’s subsidiaries.
• Any indications of apparent conflicts arising in the vendor selection process should be immediately reported to the chief financial officer.
• Emergency purchases require no bidding.
• An assessment of the vendor’s ability to perform should be made.