Informal quotations are applicable for commodities over what percentage of the bid threshold?

Informal quotations are generally utilized for purchases that fall within a certain threshold, which is often set by public procurement regulations. In New Jersey, for commodities exceeding the established bid threshold, informal quotations are typically required when the value of the procurement is over a specific percentage of that threshold, which is 15%.

This means that for any commodity purchases above this percentage, it becomes essential to gather informal quotes to ensure competitive pricing and adherence to procurement standards. This practice enables municipalities and agencies to maintain transparency, accountability, and fiscal responsibility while ensuring they receive the best value for their purchases. Therefore, when managing public funds and procurement processes, understanding the thresholds for informal quotations is crucial for compliance with state regulations.