Arkansas Updates its Procurement Thresholds
Did you know that in accordance with Act 1004 of Arkansas' 2017 legislative session, the purchase value thresholds that determine method of procurement changed on July 31, 2017? Below is a chart that compares the old and new threshold amounts.
Any amount up to $20,000 is considered small purchase bids. This means that the person purchasing goods or services can do so by taking a verbal quote from three different providers.
Contracts that are between $20,000 to $75,000 are known as Competitive Bids. Competitive bids must have a written quote from three providers.
Anything above $75,000 must be done by Invitation for Bid or a Request for Proposal (RFP). These are sealed bids that are advertised in a newspaper with state wide circulation.
The Arkansas Procurement Assistance Center (APAC) can assist you with your state of Arkansas procurement related questions. Reach out to speak with a counselor at 501-671-2390, email us at apac@UAEX.edu or check us out online.