Rental, Maintenance and Software License Agreements

Rental and Lease Agreements

Agreements to rent or lease equipment shall be established through the competitive bid procedure, except when the annual cost is $1499.00 or less, then a formal quote is required.

• The Division Head is responsible for determining the necessity of any contractual agreement that provides for rental and lease of equipment.
   
• Current rental/lease contracts end June 30, 20xx. In order to begin the next fiscal year, the vendor must complete a contract extension and equipment list. The completed forms are attached to a requisition and sent to purchasing for issuing of the receiving report.
   
• Any new rental/lease contract must be initiated with a purchase request and forwarded on to the approving Vice-President along with a technical specification for the required equipment. The purchase request should indicate rental or lease, terms of the agreement and the estimated cost for the year. A requisition is typed and forwarded on to Purchasing with any supporting documents.
   
• Competitive bids will be obtained by the Purchasing Department the first year, with options to renew for the second and subsequent years, if applicable. A formal quotation can be obtained for rental or lease with an estimated cost of $1,500 or less for the year.
   
• A purchase order will be issued to the successful bidder and all required formal lease agreements will be on forms acceptable to or provided by the University. Department personnel are not authorized to sign rental/lease agreements, only agreements signed by the Director of Purchasing will be valid and binding. The beginning of the next fiscal year awards, the vendor must sign an equipment list and contract extension. 
   
• Payment will be processed either monthly, quarterly in the arrears.

Software License Agreements

Agreements for computer software shall be processed similarly to equipment rental/lease agreements.

• All software agreements shall be routed with a requisition to the Purchasing Department where they will be reviewed and, when appropriate sent to University Legal Counsel for approval.
   
• All agreements shall be signed by the Director of Purchasing. Departmental personnel are not authorized to sign software agreements.
   
• Payment is generally made after receipt of acceptable signed agreements and the software.
   
• Annual renewals shall be accomplished by submission of a requisition accompanied by a copy of the renewal notice.

Rental or Lease of Land or Building Space

Board of Regent's advance approval is required for rental or lease of buildings, space, or land when the consideration is greater than $3,000 per year or the duration is greater than three years. The President of OSU is authorized to execute agreements for lesser amounts. The agreements must be attached to a requisition and forwarded to the President's Office for signature before a purchase order will be released to the vendor.

Maintenance Agreements

Maintenance agreements shall be established through the competitive bid procedure, except when the annual cost is $1499.00 or less, then a formal quote is required.

• The Division Head is responsible for determining the necessity of any contractual agreement that provides maintenance service for departmental equipment.
   
• Current maintenance contracts end June 30, 20xx. In order to begin the next fiscal year, the vendor must complete a contract extension and equipment list. The completed forms are attached to a requisition and sent to purchasing for issuing of the receiving report.
   
• Any new maintenance contract must be initiated with a purchase request and forward on to the approving Vice-President along with any specifications for the required equipment. The purchase request should indicate maintenance, terms of the maintenance agreement and the estimated cost for the year. A requisition is typed and forwarded on to Purchasing with any supporting documents.
   
• Competitive bids will be obtained by the Purchasing Department the first year, with options to renew for the second and subsequent years, if applicable. A formal quotation can be obtained for maintenance contracts with an estimated cost of $1,500 or less for the year.
   
• A purchase order will be issued to the successful bidder and all required formal lease agreements will be on forms acceptable to or provided by the University. Department personnel are not authorized to sign maintenance agreements, only agreements signed by the Director of Purchasing will be valid and binding. The beginning of the next fiscal year awards, the vendor must sign an equipment list and contract extension. 
   
• Payment will be processed either monthly, quarterly in the arrears.