PURPOSE

The purpose of this policy is to inform all departments within the University of Arkansas for Medical Sciences (UAMS) of the procedures to be followed in requesting rental or lease of equipment.

POLICY

Departments or individuals within the University are not authorized to enter into an agreement to rent or lease equipment without prior review and approval from the UAMS Procurement or Contract Services Department.  The terms "rental" and "lease" shall be equal and synonymous for the rationale in this policy.

PROCEDURE

1. Departments wishing to lease equipment must submit an on-line SAP requisition to the UAMS Procurement Services Department along with all appropriate documents for processing an invitation for bid, if applicable, and lease agreement documents.1
2. If applicable, the requesting department must also submit the request to lease equipment to the Physical Plant for inspection and approval prior to submitting the requisition to the Procurement Services Department. Physical Plant staff will inspect the areas where the equipment is to be located to determine if proper electrical, plumbing, and space environmental conditions are present.2
3. Lease of equipment for which the lease price exceeds $5,000.00 for the contract period will require the use of competitive bidding procedures.3

REFERENCE

¹UAMS Policy 5.1.03, Procedures (2) & (3)

²UAMS Policy 5.13

³UAMS Policy 5.1.01, Procedures (3) & (4)